Notes from the Editors

From its earliest years, Monthly Review has been distinguished among socialist publications by the degree to which it has incorporated environmental views into its fundamental perspective.  Paul Sweezy’s 1950 article, “An Economic Program for America”…listed conservation of natural resources and the elimination of destructive waste as two of the primary goals in the development of socialism.  He called for the socialization, long-term planning, and conservation of “coal…oil and natural gas and all the other fuels which provide the lifeblood of modern industrial society.”  Scott Nearing’s monthly column “World Events,” written for MR from the early 1950s to the early 1970s, regularly examined environmental, along with political-economic, developments.  Nearing was a socialist economist and environmentalist.…  With the publication of Rachel Carson’s Silent Spring in 1962, Nearing explored its wider ecological implications, contending that civilization had entered the “phase of suicidal destructivity….  Without doubt man has built a pyramid of potential destructivity….  Man is a destroyer as well as a builder.  He has exterminated entire species….  He has destroyed forests and opened the soil to erosion.  He has engaged in fratricidal wars that have wiped out one civilization after another and presently threaten to end western civilization” (Nearing, “World Events,” Monthly Review, November 1962).…  | more |

John Cassidy, who writes on economics for the New Yorker, is in our view one of the most interesting anhd creative commentators on economic analysis and trends writing in the mainstream today.  His perspective might be best characterized as institutionalist-realist, in the tradition of thinkers like Thorstein Veblen, John Kenneth Galbraith, and Hyman Minsky.…  Cassidy’s latest critical contribution is an online New Yorker news item published on December 12, 2014, carrying the rather prosaic title, “The Winner of the Spending Bill Vote: Jamie Dimon.”… [ In this piece] Cassidy…explain[s] how the spending bill passed by the House of Representatives included a rider that rolled back regulations that had been imposed after the Great Financial Crisis on some of the riskier activities of banks.  Such speculative activities were to be transferred to the unregulated bank subsidiaries not covered by the federally guaranteed bank insurance system.  This has now been reversed and banks are again allowed to engage directly in such high-risk speculative activities, with the losses being picked up by the general public.…  There is no doubt that Cassidy is correct, and that the analyses of “left-left” thinkers like Sweezy, one of Monthly Review’s founding editors, and Chomsky, an MR author, have been generally on the mark in pointing out that such outcomes are to be expected in the state management of the economy.…  | more |

The publication of socialist books in the United States has always encountered serious institutional obstacles.  This can be seen in the enormous hurdles that stood in the way of the successful publication 130 years ago of the English translation of Engels’s The Condition of the Working Class in England (1845)—today recognized as the classic account of the impact of the Industrial Revolution on workers.  In 1885 Florence Kelley (-Wischnewetzky), the daughter of William D. Kelley, a U.S. Congressman and supporter of Lincoln, translated Engels’s book into English.  Her initial plan was to publish the translation in the United States with the respected publishing firm of G.P. Putnam & Co. However, Putnam declined to publish it on the grounds that the book was outdated…and did not apply to U.S. industrialization, where such conditions of class exploitation were supposedly absent.…  It is owing to these difficulties, associated with the U.S. publication of his book, that we have the benefit of some of Engels’s more important comments regarding the problem of publishing socialist works in a capitalist society.…  | more |

In 1832, when the global cholera pandemic was approaching Manchester—as a young Frederick Engels was later to recount in The Condition of the Working Class in England (1845)—“a universal terror seized the bourgeoisie of the city.  People remembered the unwholesome dwellings of the poor, and trembled before the certainty that each of these slums would become a centre for the plague, whence it would spread desolation in all directions through the houses of the propertied class.”  As a result, Engels noted, various official inquiries were commissioned into the condition of the poor.  But little was done in the end to combat the social factors that facilitated the spread of the disease.…  One can see an analogous situation today in the growing concern that has materialized in the United States and other wealthy nations over the Ebola epidemic in Africa.…  | more |

On September 20, 2014, while corporate and government officials arrived in New York City for the UN Climate Summit, organizers and activists from around the world participated in a peoples’ summit called the NYC Climate Convergence (organized by the Global Climate Convergence and System Change Not Climate Change).  The NYC Climate Convergence featured as the lead keynote speaker Naomi Klein, who presented the analysis of her new book, This Changes Everything: Capitalism vs. the Climate (Simon and Schuster, 2014).  Her concluding chapter, significantly, is entitled “Leap Years: Just Enough Time for the Impossible.”  Monthly Review readers will be interested that Klein observes in her book: “Karl Marx… recognized capitalism’s ‘irreparable rift’ with the ‘natural laws of life itself’”.  Later she refers to “global capitalism’s voracious metabolism”.…  | more |

Secular stagnation (or the trend towards long-term slow growth and continuing high unemployment/underemployment) has become a big issue in the mature economies since 2013, when former U.S. Treasury Secretary Larry Summers raised the question at an IMF economic forum.  Compilations of work on the subject can now be found on the Internet, such as the one by economists Coen Teulings and Richard Baldwin; which however leaves out all contributions by heterodox economists.  Teulings and Baldwin credit Summers with having “resurrected” the secular stagnation issue.  But is this true?  Only in the sense that he reintroduced it to mainstream neoclassical economics.  It has long been a topic on the left, and particularly in Monthly Review, where editor Paul Sweezy explicitly drew attention to the “secular stagnation” question more than forty years ago—with MR tracking the stagnation trend month by month in the four decades that followed.…  Isn’t it about time…that orthodox economists, Summers included, began to acknowledge the enormous work done on this topic on the left over decades, and indeed the greater complexity and historicity of the analysis to be found there—not only in MR but within heterodox economics more generally?  Such an admission might even do orthodox economists some good.…  | more |

This year is the 150th anniversary of the International Working Men’s Association (IWMA), often referred to as the First International.  Formed in 1864 under the leadership of Karl Marx, it operated—in contrast to what were subsequently called the Second, Third, and Fourth Internationals—under the principle of unity with diversity, rejecting a policy of absolute doctrinal unity.  After considerable successes, however, it fell prey to sectarian struggles and finally expired in 1876.  The 150th anniversary coincides with growing worldwide calls for the construction of a New International.  In February 2014, MR published a paper, “Reflections on the New International,” that István Mészáros had drafted in 2010 at the request of Venezuelan President Hugo Chávez.  In June 2014, we published Samir Amin’s “Popular Movements Toward Socialism,” addressing the same subject.  Both Mészáros and Amin insisted that despite the eventual decline of the IWMA into the factionalism which led to its demise, it—and not the Second, Third, or Fourth Internationals—constituted the model for a New International.…  The July 2014 issue of our sister publication Socialism and Democracy, edited by George C. Comninel, Marcello Musto, and Victor Wallis, is devoted entirely to the International’s anniversary, and adopts this same general position.…  | more |

Allusions to Marx seem to be emanating from all points of the political compass these days in the context of the current political-economic crisis of capitalism, reflecting the remarkable resurgence of both Marxism and anti-Marxism.  What is especially notable in this respect is the extent to which such allusions have come to focus on the saying, “from each according to his ability, to each according to his needs”—usually identified with Marx’s famous 1875 Critique of the Gotha Programme.  Conservatives frequently quote “from each according to his ability” (ignoring the rest of the saying) and use it as a kind of code phrase for “Marxism” to attack all progressive measures.…  | more |

Samir Amin’s Review of the Month in this issue, “Popular Movements Toward Socialism,” offers a masterful analysis of struggles all over the world in the era of what he calls “generalized-monopoly capitalism.”  The most important theoretical innovation in his article, in our opinion, is his attempt to bring together a variety of global struggles under the rubric of the “movement toward socialism,” borrowing the terminology from the current practice of a number of South American parties: in Bolivia, Chile, and elsewhere.  Movements that fall under this mantle, Amin suggests, may include those that seek to transcend capitalism, as well as others for which the object is more ambiguously a radical upending of labor-capital relations.…  | more |

Monthly Review celebrates its sixty-fifth anniversary with this issue.  Today the causes for which the magazine has stood throughout its history—the struggle against capitalism and imperialism and the battle for socialism as the only alternative path—are more pressing than ever.  Indeed, so great is the epochal crisis of our time, encompassing both the economic and ecological crises, that nothing but a world revolution is likely to save humanity (and countless others among the earth’s species) from a worsening series of catastrophes.…This may seem like a shocking statement; ironically, not so much because of its invocation of the visible threat to humanity’s existence, but rather because of its reference to revolution as the only solution.…  | more |

The insidious nature of the economy, state, and cultural apparatus of global monopoly-finance capital is difficult to perceive—if only because it is to be found everywhere we look.  Focusing on a specific case can therefore help us see what might otherwise elude us.  A striking instance of this principle is to be found in the recent takeover of Chrysler by Fiat—linking a century-old Italian auto dynasty, the Great Financial Crisis of 2007–2009, the U.S. corporate bailout, the 2014 Superbowl, and the American folk music tradition.…  | more |

This issue of Monthly Review is mainly devoted to two commemorations: for Paul Alexander Baran, who died fifty years ago this month; and for Hugo Rafael Chávez Friás, who died one year ago this month.…  Paul A. Baran was the author of The Political Economy of Growth (1957) and, with Paul M. Sweezy, Monopoly Capital (1966).  Baran’s work on the roots of underdevelopment focused on the way in which the imperialist world system robbed countries of their actual and potential economic surplus, chaining them to conditions of dependency.…  Hugo Chávez, president of Venezuela from 1999 until his death in March 2013, provided the crucial inspiration for the Bolivarian Revolution in Venezuela.  Chávez created a new vernacular of revolution linked historically to Latin America’s Bolivarian tradition (marked by Bolívar’s famous statement that “equality is the law of laws”).…  | more |

A comparison of the present state of the natural sciences with that of the social (or human) sciences cannot but give rise to a disquieting sense of the relative poverty of the latter.  Although natural scientists are raising the alarm with regard to the planetary environmental emergency and are demanding social solutions, social scientists have largely failed to take up the challenge.  To be sure, there has been a vast upsurge in recent years of social-scientific discussions of climate change.  But most of this work has remained confined within the narrow boundaries of mainstream social science, relying on such amorphous, dehistoricized concepts as human behavior, organizations, institutions, government, economic growth, industrialization, modernization, the market, energy efficiency, public opinion, and the like—variables that can be treated in purely technical, “non-normative” terms, divorced from historical context, social relations, and social agency.…  Conspicuously missing from conventional social science is any serious consideration of the actual social system in which we live and which clearly constitutes the root of the problem: namely, capitalism.  Also excluded are such fundamental issues as accumulation, class (including its gendered and racialized forms), the state, the cultural apparatus, imperialism, monopolistic corporations, economic stagnation, financialization, Marx’s concept of the metabolic rift—and indeed all the other major historical realities of our time.…  | more |

On November 16, 2013, Paul Krugman published a piece on his New York Times blog entitled “Secular Stagnation, Coalmines, Bubbles, and Larry Summers,” consisting of an extended commentary on former Clinton Treasury Secretary and Obama economic advisor Lawrence Summers’s November 8 presentation to the IMF’s Economic Forum.…  Krugman, in following up on Summers’s IMF speech, highlighted Alvin Hansen’s theory of secular stagnation in the 1930s to ‘50s.… [ acknowledging that] long-term economic stagnation…was now “the norm” for the economy, not the exception.…  Writing in a fashion that could have come straight out of Monthly Review at any point in the last forty years, he declared: “We now know that the economic expansion of 2003–2007 was driven by a bubble.  You can say the same about the later part of the 90s expansion; and you can in fact say the same about the later years of the Reagan expansion, which was driven at that point by runaway thrift institutions and a large bubble in commercial real estate.”  But in trying to understand how stagnation itself came about and created this whole irrational set of economic conditions, Krugman…failed to draw attention to the much more important problem of investment under conditions of overcapacity and mature industry, as well as the whole question of monopolistic/oligopolistic capitalism—all of which were taken seriously at some level by Hansen, and were developed in a far more radical way by socialist thinkers such as Michał Kalecki, Joseph Steindl, Paul Baran, and Paul Sweezy.…  | more |

The AFL-CIO held its annual convention this past September in Los Angeles.  Many commentators hailed this meeting as historic, one in which the nation’s major labor federation finally came to grips with the near disappearance and growing political irrelevance of unions.  Union density is abysmally low and declining, with an astonishing 6.6 percent of private sector employees now organized, lower than at any time in the past century.  And, with rare exceptions, labor’s ability to influence legislation and workplace regulation is nonexistent.  It could not even prevent passage last year of a right-to-work law in Michigan, the cradle of industrial unionism.  All of this has translated into falling wages and benefits for union and nonunion workers alike, since the union threat effect on nonunion employers has diminished dramatically.…  To reverse course, AFL-CIO leaders laid out a plan to broaden the federation’s membership base to include nonunion workers and members of fraternal groups, such as immigrant advocates and environmental organizations.…  While we should applaud… [their] efforts, they leave important questions unanswered.…  | more |

There is a pressing need for a coherent left strategy on climate change and in relation to the planetary environmental threat in general.…  We therefore read with considerable interest Christian Parenti’s article, “A Radical Approach to the Climate Crisis” in the Summer 2013 issue of Dissent.  Parenti’s main thesis is that since the time with which to address the climate change problem is so short, “it is this society and these [existing capitalist] institutions that must cut emissions.  That means, in the short-term, realistic climate politics are reformist politics, even if they are conceived of as part of a longer-term anti-capitalist project of total economic re-organization.”… [ Parenti] insists that capitalism has been successful in the past in addressing “specific environmental crises” and that this will also likely be the case with respect to climate change.…  Perhaps the best way to explain…[why we believe Parenti’s overall argument is wrong] is to counterpose what we think would be a more appropriate statement on the nature of a revolutionary strategy.  It would read as follows: Anyone who thinks that it is conceivable to counter climate change (and the planetary environmental crisis as a whole) without opposing and in part superseding the logic of capital accumulation is in denial of the very clear findings of climate science and critical social science—which point to the immediacy and unprecedented scale of the present epochal crisis and thus the need for truly revolutionary social change.…  | more |

A sign of the crass economic culture of our times is the recent release by Hasbro of the game “Monopoly Empire” based on the well-known “Monopoly” game, first mass produced in 1935 by Parker Bothers, now a Hasbro subsidiary.  The new version can be played in thirty minutes and is designed to take the friction out of the game while glorifying the modern corporate system.  Players collect iconic brands of corporations such as McDonalds, Coca-Cola, Nestlé, and Samsung, which they add to billboard “towers” in a race to the top.  Players no longer leave the game due to bankruptcy.  The goal is simply to build the biggest monopoly brand empire.…  | more |

When confronted in the 1980s with the failure of the younger generation of economists (both mainstream and radical) to take seriously the issue of the return of economic stagnation, Harry Magdoff and Paul Sweezy stated in their book Stagnation and the Financial Explosion (Monthly Review Press, 1987, 12): “There is a temptation to say: just wait and see, you’ll find out soon enough….  But it would be a cop-out to leave it at that.  We owe it to our readers at least to try to make clearer what we mean by stagnation and why we think it is so important.”  They proceeded to do exactly that, producing a work that in terms of the trends of the last quarter-century has to be regarded as prescient.…  Today, decades later, we can see the depth of the stagnation tendency of monopoly capitalism finally dawning upon some of the most realistic and competent of mainstream economists.…  | more |

The U.S. working class was slow to respond to the hard times it faced during and after the Great Recession.  Finally, however, in February 2011, workers in Wisconsin began the famous uprising that electrified the country, revolting in large numbers against Governor Scott Walker’s efforts to destroy the state’s public employee labor unions.  A few months later, the Occupy Wall Street movement spread from New York City to the rest of the nation and the world.  Then, in September 2012, Chicago’s public school teachers struck, in defiance of Mayor Rahm Emanuel’s attempt to destroy the teachers’ union and put the city’s schools firmly on the path of neoliberal austerity and privatization.…  One thing that these three rebellions had in common is the growing awareness that economic and political power in the United States is firmly in the hands of a tiny minority of fantastically wealthy individuals whose avarice knows no bounds.  These titans of finance want to eviscerate working men and women, making them as insecure as possible and totally dependent on the dog-eat-dog logic of the marketplace, while at the same time converting any and all aspects of life into opportunities for capital accumulation.…  | more |

Millions of people throughout the world mourned the death of Venezuelan President Hugo Chávez on March 5, 2013.  Monthly Review responded at the time with numerous pieces posted on MRzine.  We would like, however, to record here briefly something of MR’s own special relationship to the late president, and what we think constitutes his indelible legacy to socialism in the twenty-first century.  MR’s unique connection to Chávez was largely through the influence of István Mészáros—whose relationship to Chávez stretched back for over twenty years, and whom Chávez called “the pathfinder of 21st century socialism”—and through Marta Harnecker and Michael Lebowitz, who both served as consultants to Chávez.…  More than a decade followed in which the socialist revolution under Chávez moved forward, creating huge material, social, and cultural improvements for the Venezuelan population, and vastly increased the power of the people over their own lives through new socialist institutions….  The most vital revolutionary achievement in these years was the introduction of the famous “communal councils”—the general idea for which, as Chávez himself stressed on numerous occasions, was taken from Mészáros’s Beyond Capital.…  | more |