Subjects Archives: Stagnation

  • A Primer on Wall Street Meltdown

    Flying into New York Tuesday, I had the same feeling I had when I arrived in Beirut two years ago, at the height of the Israeli bombing of that city — that of entering a war zone. The immigration agent, upon learning I taught political economy, commented, “Well, I guess you folks will now be […]

  • The United States and the World: Where Are We Headed?

    This paper was presented at the Alexandre de Gusmão Foundation and the International Relations Research Institute’s (IPRI) “Seminar on the United States” hosted by the Itamaraty Palace (Brazilian Foreign Ministry) in Rio de Janeiro, Brazil on September 29, 2008. Introduction The United States appears to be embarking on a transition on two major fronts: its […]

  • A Turning Point for the Global Economic System

      The financial sector meltdown spelt an opportunity for the system to reinvent itself. Will the financial sector meltdown in the developed economies lead to a rethink about the path the global economy has traversed in the last few decades? Simply put, will it curb the primacy of finance, will it rein in the penchant […]

  • The Poverty of 21st Century Progressivism

    “The West is living through an economic and social crisis so unprecedented in its tempo, so complex in its effects, that there are many who do not know that it is taking place.”                     — Michael Harrington, The Next Left (1987) The nationalization of American International […]

  • Of Jobs Lost and Wages Depressed: The Impact of Trade Liberalization on Employment and Wage Levels in the Philippines, 1980-20001

    Introduction Despite the vast literature examining the link between trade liberalization and economic growth, empirical studies still fail to provide conclusive and unequivocal evidence supporting the link.  What most of these studies emphasize is that openness, accompanied by a country-specific mix of appropriate complementary policies (macroeconomic and financial policies, education, infrastructure, institutional capacity and governance), […]

  • Blocking a Gazan’s Path to San Diego

      As a young Palestinian from Gaza, I had been eagerly anticipating the opportunity to study at the University of California San Diego on a Fulbright scholarship.  The chance to escape Gaza’s confines and immerse myself in an American education was deeply thrilling.  With Israel controlling Gaza’s border exits, air space and sea access — […]

  • Oil Prices and the Economy

    With oil prices having more than doubled over the last 12 months, various reasons are being cited for the price increases. Adhip Chaudhuri, a visiting professor of economics at Georgetown University’s campus in Doha, Qatar, explains the cause and effect of high oil prices. Is the increase in oil prices plunging the global economy into […]

  • Che Guevara’s Final Verdict on the Soviet Economy

    One of the most important developments in Cuban Marxism in recent years has been increased attention to the writings of Ernesto Che Guevara on the economics and politics of the transition to socialism. A milestone in this process was the publication in 2006 by Ocean Press and Cuba’s Centro de Estudios Che Guevara of Apuntes […]

  • The “China Syndrome”: An Apology for Economic Injustice

    As a red Toyota pickup made its daily delivery, masses of people gathered outside the brand-new blue and white subsidized bread kiosk near my building.  A rusty and dented Fiat also delivered unsubsidized bread to the small grocery store across the street at the same time.  Last Thursday, Egypt’s Central Agency for Public Mobilization and […]

  • Global Economic Crisis: Interview with John Bellamy Foster

    The current global financial crisis is said to originate with a few dodgy “sub-prime” mortgages made by US banks to poor people. Yes, the financial crisis that began in late 2007 is associated with the collapse of the sub-prime mortgage market.  But that is just one aspect of a much larger financial crisis and that […]

  • Race, Poverty, and the Neoliberal Agenda in the United States: Lessons from Katrina and Rita

    Abstract The global economic system has come to be dominated de facto by institutions subscribing to and enforcing the neoliberal agenda.  Since the end of World War II, these institutions have sought not only to regulate but, in a manner reminiscent of classical colonialism, to control global resources facilitated by the emergence of the neoliberal […]

  • 2008: The Demise of Neoliberal Globalization

    The ideology of neoliberal globalization has been on a roll since the early 1980s.  It was not in fact a new idea in the history of the modern world-system, although it claimed to be one.  It was rather the very old idea that the governments of the world should get out of the way of […]

  • Indianismo and Marxism: The Missed Encounter of Two Revolutionary Principles

    This important article by Álvaro García Linera, now Vice President of Bolivia, was first published in 2005. It traces the contradictory evolution of the two most influential revolutionary currents in the country’s 20th century history and argues that Marxism, as originally interpreted by its Bolivian adherents, failed to address the outstanding concerns of the indigenous majority. García Linera suggests, however, that the evolution of indianismo in recent decades opens perspectives for a renewal of Marxist thought and potentially the reconciliation of the two currents in a higher synthesis. Although framed within the Bolivian context, his argument clearly has implications for the national and anti-imperialist struggle in other parts of Abya Yale (the indigenous name for the Western hemisphere).

  • Turkish Elections and After

    The July 2007 elections ended with results beyond the expectations of most observers.  We will watch for possible coming earthquakes. To explain the AKP’s election victory, in addition to the AKP’s own tactics and policies, exogenous factors should be taken into consideration.  These include the large vacuum at the centre right and center left of […]

  • The US and the 21st Century

    Introductory Note: This essay is an adaptation and reworking of a historic 1963 document of the Students for a Democratic Society.  Its original was mimeographed in several thousand copies and distributed jointly by the SDS National Office and the newly-created Economic Research and Action Project (ERAP).  America and the New Era was intended to be […]

  • The Monthly Review Story: 1949-1984

    I wrote this as a paper for a seminar in history during my first year of grad school at the University of Washington in 1984.  It was a labor of love for me because it gave me an opportunity to read every single issue of Monthly Review , all of which were carefully kept in […]

  • Imperial Sunset?

    For the first time since its rise as a superpower the United States is facing a serious threat to its hegemony across the globe. In February this year, Russian President Vladimir Putin addressed a security conference in Munich that had 250 of the world’s top leaders and officials in attendance, including such luminaries as the […]

  • Old Distributions, New Economy

    The macro march backward of domestic income and wealth distribution has become remarkable.  At least we thought so enough to pen the following remarks.  In 2006 the corporate profits share of the national economy retouched its 1929 high.  Wage and salary income broke its 8 decade low watermark.  Our new economy increasingly replicates the distributional […]

  • Straight from the Billionaire’s Mouth

    Social critics, from Ida B. Wells to Noam Chomsky, recognize that the elite press can serve as the best tool against the elite.  Today’s business magazines have no problem “naming the system,” and they write with clarity and frankness on the inner workings of capitalism and imperialism.  My good friend and correspondent Skip recently sent […]

  • Capital and Empire: An Interview with John Bellamy Foster

    Q.  2007 is the 140th anniversary of the publication of Volume One of Marx’s Capital.  In your opinion, what is its main contribution to understanding contemporary capitalism? Marx’s object in Capital was to explain capital as a social relation in the fullest dialectical sense and in the process to describe its law(s) of motion.  I […]