On October 20, 2012, less than two weeks after being reelected to his fourth term as Venezuelan president and only months before his death, Hugo Chávez delivered his crucial El Golpe de Timón (“Strike at the Helm”) speech to the first meeting of his ministers in the new revolutionary cycle. Chávez surprised even some of […]
Naomi Klein’s new book, This Changes Everything [argues that the source of the looming crisis from climate change] is not the planet, which operates according to natural laws, but rather the economic and social system in which we live, which treats natural limits as mere barriers to surmount. It is now doing so on a planetary scale, […]
“Mathusianism” in Historisch-Kritisches Wörterbuch Des Marximus, 7/II ((Berlin: Argument-Verlag, forthcoming 2015). 3500 words.
Not since the Great Depression of the 1930s has it been so apparent that the core capitalist economies are experiencing secular stagnation, characterized by slow growth, rising unemployment and underemployment, and idle productive capacity. Consequently, mainstream economics is finally beginning to recognize the economic stagnation tendency that has long been a focus in these pages, […]
The fortieth anniversary of Harry Braverman’s Labor and Monopoly Capital is the occasion here for a reassessment of his work as a whole. Braverman’s analysis of the degradation of work is shown to have been only a part of a much larger argument he was developing on the structure of the U.S. working class. Building on his […]
“Foreword” to Samir Amin, Capitalism in the Age of Globalization (forthcoming: Zed Press, second edition, 2014).
The United States came out of the Second World War as the hegemonic power in the world economy. The war had lifted the U.S. economy out of the Great Depression by providing the needed effective demand in the form of endless orders for armaments and troops. Real output rose by 65 percent between 1940 and […]
More than six years after the beginning of the Great Recession in the United States, and nearly five years since it was officially declared over in this country, the core economies of the capitalist world system remain crisis-ridden. The jobs lost in the downturn in the United States have not yet been fully recovered and […]
A world-system analysis of the ecological rift generated by capitalism requires as one of its elements a developed theory of the unequal ecological exchange between center and periphery. After reviewing the literature on unequal exchange (both economic and ecological) from Ricardo and Marx to the present, a new approach is provided, based on a critical […]
Modern capitalism, sociologist Max Weber famously observed early in the twentieth century, is based on “the rational capitalistic organization of (formally) free labor.” But the “rationality” of the system in this sphere, as Weber was to acknowledge elsewhere, was so restrictive as to be in reality “irrational.” Despite its formal freedom, labor under capitalism was substantively unfree.… This was in […]