Subjects Archives: Stagnation

  • The Greek External Debt and Imperialist Rivalries: “One Thief Stealing from Another”

      The current Greek economic crisis has an aspect of ancient tragedy (for the Greek people) mixed with a bad theatrical farce (staged on behalf of the European and the Greek bourgeoisie). The farce comes first.  Till very recently the two establishment parties (the center-left PASOK and the center-right ND) preached that their economic policies […]

  • The Global Organic Crisis: Paradoxes, Dangers, and Opportunities

    The capitalist world has experienced its deepest economic meltdown since the Great Depression of the 1930s.  Paradoxically, whereas the earlier period saw the breakdown of liberal capitalism, the rise of fascism and Nazism, and the Soviet alternative to liberal capitalism, today neo-liberalism and capitalist globalization still remain powerful, and apparently supreme, on the stage of […]

  • After the Great Financial Crisis and the Great Recession, What Next?

    John Bellamy Foster is editor of Monthly Review and author of The Great Financial Crisis (2009, with Fred Magdoff) and The Ecological Revolution (2009) — both from Monthly Review Press.  This interview was conducted from Dhaka by Farooque Chowdhury (editor of Micro Credit: Myth Manufactured, 2007) for MRzine and Bangla Monthly Review.  It is part […]

  • The Power of Monopoly Capital

    I’m not at all somebody who wants to enshrine Monopoly Capital: An Essay on the American Economic and Social Order as the new centerpiece in the old “what Marx said” religion.  But, really, I do stand by my conclusion that Baran and Sweezy’s 1966 book was the #1 social science book of the century, Marxist […]

  • A Failed Economy

      Amandla: Early in 2009 you published your book The Great Financial Crisis (coauthored with Fred Magdoff).  Could you reflect now almost a year later on what made the current recession more severe than previous recessions?  Why has it been compared to the Great Depression and what type of recovery are we likely to see? […]

  • Neoliberalism as Hegemonic Ideology in the Philippines

    Paper delivered at the plenary session of the 2009 National Conference of the Philippine Sociological Society held at the PSSC Building on 16 October 2009 Why does the ideology of neoliberalism still exercise such influence in the Philippines despite the challenges it has faced from both the Asian and now global financial crisis? This paper […]

  • ‘The Dangers Are Great, the Possibilities Immense’1: The Ongoing Political Struggle in India

    “What made Spence dangerous to the bourgeoisie was not that he was a proletarian nor that he had ideas opposed to private property but that he was both.” — Peter Linebaugh.2 ‘Poorest of the Poor’ and Politics It is always easy to criticize and dismiss an argument in its weakest formulation.  Attacking the policies of […]

  • The Economic Crisis: How It Impacts African-Americans and Labor

      Lecture delivered at the Economic and Black Labor Forum, the Philadelphia Community Institute for Africana Studies, 22 October 22 2009 The present Great Recession is the latest and largest crisis of capitalism since the Great Depression of the 1930s.  During the Great Depression over half of all African-American men were unemployed.  The present Great […]

  • The Impending Indian Government Offensive against the Adivasi Inhabited Hilly Regions: Statement of Concern and Protest by Arundhati Roy, Noam Chomsky and Others

    Analytical Monthly Review On Monday, October 12th, it was reported that Manmohan Singh — despite the request of air chief marshal P. V. Naik to permit IAF personnel in helicopters to attack inhabitants of the hilly regions — had announced that the armed forces would not be deployed against the domestic left-wing opponents of the […]

  • The Financial Crisis and Imperialism

    BMR:What is the likely impact of the present financial crisis on geopolitics, especially if the crisis is considered in the context of the energy crisis including the peak oil issue, the food crisis, The Great Hunger, the environmental crisis, and the declining dollar?  Will the world experience war(s) as an effort to survive?  Will monopoly-finance […]

  • Back to the Natural State of Stagnation

    John Bellamy Foster and Fred Magdoff, The Great Financial Crisis (Monthly Review Press, 2009). One of the few boom industries in times of slump, it seems — aside from private security firms, debt collection agencies and porn — is the publication of books about slumps. Everyone from Vince Cable to Newsnight economics editor Paul Mason […]

  • Imperialism and Struggles for Democracy in West Asia

      The history of the West Asia for over a century is one long history of how colonial and imperialist powers, both old and new, have arrogantly plundered, looted, dismembered, manipulated and raped a region for their unbridled self interests.  It is a history of total disregard and callous disrespect for the peoples of this […]

  • Adam’s Fallacy and the Great Recession

    It is now a commonplace that we are experiencing the greatest economic crisis since the Great Depression of the 1930s.  The downward trajectory on a global level is similar to the 1930s, though in the United States — the epicenter of the crisis — there are indications that the rate of decline may be slowing.1  […]

  • Iran: The Game of Nations

    There is a difference between the outlook of a secular generation of Iranian youth, yearning for a life in which religion (in the form of a clergy directing a theological state) refrains from meddling in their personal lives and individual fates as citizens, and the foreign and domestic policy considerations of the reformist trend.  A […]

  • ‘Financialisation’ and the Tendency to Stagnation

      John Bellamy Foster and Fred Magdoff, The Great Financial Crisis: Causes and Consequences, New York: Monthly Review Press/Kharagpur, India: Cornerstone Publications, 2009, pp 160, US$12.95/Rs 100. Beginning with the failure of two Bear Stearns hedge funds and the consequent freezing of the high-risk collateralised debt obligations market in June 2007, the financial crisis deepened […]

  • The Making of a Marxist in Capitalist Crisis

      Four Lectures on Marxism (Monthly Review Press, 1981).  Reprinted by Cornerstone Publications, Kharagpur, West Bengal.  ISBN 978-81-88401-17-8.  Rs 55. pp 97 Back in the dog days of the Great Depression, “a very bourgeois American first-year graduate student” (as he would describe himself in a letter to a friend decades later) from Harvard landed in […]

  • Patterns of Adjustment in the Age of Finance: The Case of Turkey as a Peripheral Agent of Neoliberal Globalization

    Abstract Following the 2000-01 crisis, Turkey implemented an orthodox strategy of raising interest rates and maintaining an overvalued exchange rate.  But, contrary to the traditional stabilization packages that aim to increase interest rates to constrain domestic demand, the new orthodoxy aimed at maintaining high interest rates to attract speculative foreign capital.  The end result was […]

  • Deconstructing Labor: What Is “New” in Contemporary Capitalism and Economic Policies: a Marxian-Kaleckian Perspective

    Paper presented at the Congrès Marx International V, Paris-Sorbonne et Nanterre, October 2007 1.  Introduction About a decade ago the radical left, both in Italy and elsewhere in Europe, had been gripped by an understanding of contemporary capitalism as based on a three-pronged tendency: ‘globalization’ as an already accomplished state, the ‘end of labor’ due […]

  • Obama and the Banks

    If we take a look at the recent self-described progressive US presidents (Jimmy Carter and Bill Clinton), we will notice that their progressiveness invariably fades away, not even intentionally.  That is because the beast compels them to align themselves with its own reality.  Carter, who campaigned against the wage stagnation of the Nixon-Ford years, collapsed […]

  • Keynes, Capitalism, and the Crisis

    The essence of Keynes’s contribution was the demolition of Say’s law of markets. Say’s Law argued that supply created its own demand, so that there could never be an actual glut of production. Marx had rejected Say’s Law from the beginning, calling it “the childish babbling of a Say, but unworthy of Ricardo.” But neoclassical economics was built on it.