Subjects Archives: Stagnation

  • 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.

  • Why Labor Doesn’t Need a “House of Lords”

    “Also being debated [at the AFL-CIO executive council meeting] is whether to create a mechanism to nudge past-their-prime union presidents to retire so unions are not stuck with tired, uninspired leaders.  One negotiator [of AFL-CIO/ Change-to-Win/NEA unity] talked of creating an advisory ‘Labor House of Lords’ to encourage older union presidents to step aside.” — […]

  • Feminist Organizing against the Gaza Conflict

    Throughout the seemingly intractable Israel-Palestine conflict, civil society has been active in responding to crises and advocating for peace and justice.  Kathambi Kinoti of the Association for Women’s Rights in Development (AWID) interviewed Eilat Maoz, a general coordinator of the Coalition of Women for Peace, an Israeli organization that works for peace in Israel and […]

  • AFL-CIO Supports Nationalizing the Banks: But Who Will Control and Run Them?

    The AFL-CIO has announced that it now supports nationalizing the nation’s banks rather than continuing to spend billions of dollars in repeated efforts to restore them to solvency. The American labor federation, which represents 10 million workers, released a draft statement expected to be approved by its executive council today stating, “We believe the debate […]

  • Interview of John Bellamy Foster on The Great Financial Crisis

    John Bellamy Foster is editor of Monthly Review and professor of sociology at the University of Oregon.  He is the coauthor with Fred Magdoff of The Great Financial Crisis: Causes and Consequences, recently published by Monthly Review Press. MW: Do you think that the American people have been misled into believing that the current financial […]

  • The Global Collapse: a Non-orthodox View

    This is the longer version of an essay by the author released by the British Broadcasting Corporation (BBC) on 6 February 2009. Week after week, we see the global economy contracting at a pace worse than predicted by the gloomiest analysts.  We are now, it is clear, in no ordinary recession but are headed for […]

  • The Financial Crisis and the Real Economy: Beyond the Keynesian Fix

    The end of eight years of neoconservative belligerence in the White House came with a financial crisis exacerbated by decades of neoliberal economic policies.  As a result of this coincidence, the ideological winds in the United States are blowing powerfully to the left. The possibility of another great depression looming over the economy,1 left-wing and […]

  • Socialism and the Peasantry

    One of the greatest insights of Karl Marx was his perception of the capitalist system as a self-acting, self-driven and “spontaneous” order.  Far from being a malleable system, where intervention by the State could be used for bringing about basic changes in the mode of its functioning, in which case of course the need to […]

  • The Crisis of Global Capitalism and the Environment: Interview with John Bellamy Foster, Editor of Monthly Review and Professor of Sociology, University of Oregon, for Eleftherotypia (Greece)

      CP: After twenty-five years of sporadic growth and extreme polarization of income and life conditions around the world, actually existing neoliberalism seems to be on the verge of collapse.  Where do you situate the current crisis in the history of the development of global capitalism? JBF: Neoliberalism has clearly collapsed.  But as Fred Magdoff […]