John Bellamy Foster

Tag: Fred Magdoff

  • Financial Implosion and Stagnation

    Financial Implosion and Stagnation

    “Financial Implosion and Stagnation; Back to the Real Economy“, (coauthored with Fred Magdoff, Foster listed first), Monthly Review vol. 60, no. 7 (December 2008), pp. 1-29. DOI: 10.14452/MR-060-07-2008-11_1

    “The first rule of central banking,” economist James K. Galbraith wrote recently, is that “when the ship starts to sink, central bankers must bail like hell.” In response to a financial crisis of a magnitude not seen since the Great Depression, the Federal Reserve and other central banks, backed by their treasury departments, have been “bailing like hell” for more than a year. Beginning in July 2007 when the collapse of two Bear Stearns hedge funds that had speculated heavily in mortgage-backed securities signaled the onset of a major credit crunch, the Federal Reserve Board and the U.S. Treasury Department have pulled out all the stops as finance has imploded. They have flooded the financial sector with hundreds of billions of dollars and have promised to pour in trillions more if necessary—operating on a scale and with an array of tools that is unprecedented.

    Reprints:
    • Reprinted in Michael Chossudovsky and Andrew Gavin Marshall, ed., The Global Economic Crisis: The Great Depression of the XXI Century (Montreal: Global Research, 2010), pp. 72-101.
    Translations:
    • German translation published as a Supplement der Zeitschrift Sozialismus, no. 2, 2009 (separate pamphlet).
    • Spanish translation in Monthly Review, Selecciones en Castellano, no. 10 (2009), 37-70.
    • Italian translation by Elisabett Horvat, in Quale Stato (Anthologia Della Crisi Globale), no. 1-2 (January-June 2009), http://www.fpcgil.it.
    • Portuguese translation in Monthly Review, Portuguese-Language Edition, no. 8, 2008.
    • Turkish translation appears in Kapitalizmin Finansal Krizi, edited by Prof. Dr. Abdullah Ersoy (Ankara, Turkey: Imaj Publishing, 2011), 330 pp.

     

  • The Great Financial Crisis

    “The Great Financial Crisis—Three Years On,” (coauthored with Fred Magdoff), Monthly Review vol. 62, no. 5 (October 2010), pp. 52-55. DOI: 10.14452/MR-062-05-2010-09_5

    The Great Financial Crisis began in the summer of 2007 and three years later, despite a putative “recovery,” it is still having profound effects in the United States, Europe, and in much of the world. Austerity is being forced on working people in many countries. Matters are especially difficult in Greece, a country that is being compelled by the demands of bankers, including the International Monetary Fund, to squeeze its workers in return for loans from abroad to help pay down government debts. Official unemployment in the United States is still around 10 percent, and real unemployment is much higher. An unprecedented 44 percent of the officially unemployed have been without work for over six months. A record number of people are receiving government food assistance as well as meals and groceries from charities. Many U.S. states and cities, facing large shortfalls in their budgets due to falling tax revenues, are cutting jobs and reducing funding for schools and social programs.

    Translations:
    • English language version of preface to the Bangla edition of The Great Financial Crisis.
    • Spanish translation by Alberto Nadal in Viento Sur, November 11, 2010.
    • Spanish language translation by Alberto Nadal in El Diario Internacional (December 2010).
    • Italian version published by Attac Italia, January 7, 2011, at http://www.italia.attac.org/spip/spip.php?article3525.
    • French translation printed by Le Comité pour l’Annulation de la Dette du Tiers Monde, December 29, 2010.
    • Galician translation published by Avantar, December 21, 2010, http://www.galizacig.com/avantar/autor/john-bellamy-foster-e-fred-magdoff.
    • Catalan translation published by En Lluita, http://www.enlluita.org/site/?q=node/3150.
    • Turkish translation appears in Kapitalizmin Finansal Krizi, edited by Prof. Dr. Abdullah Ersoy (Ankara, Turkey: Imaj Publishing, 2011), 330pp.

     

  • Hungry for Profit

    Hungry for Profit

    Buy at Monthly Review Press

    “Hungry for Profit: The Agribusiness Threat to Food Farmers and the Environment,” (co-edited with Fred Magdoff and Fred Buttel (Foster listed second) (NewYork: Monthly Review Press, 2000). Revised and expanded version of July-August 1998 issue of Monthly Review. (Contains two essays co-authored by Foster.)

    The agribusiness/food sector is the second most profitable industry in the United States — following pharmaceuticals — with annual sales over $400 billion. Contributing to its profitability are the breathtaking strides in biotechnology coupled with the growing concentration of ownership and control by food’s largest corporations. Everything, from decisions on which foods are produced, to how they are processed, distributed, and marketed is, remarkably, dictated by a select few giants wielding enormous power. More and more farmers are forced to adopt new technologies and strategies with consequences potentially harmful to the environment, our health, and the quality of our lives. The role played by trade institutions like the World Trade Organization, serves only to make matters worse.

    Through it all, the paradox of capitalist agriculture persists: ever-greater numbers remain hungry and malnourished despite an increase in world food supplies and the perpetuation of food overproduction.

     

    Editions:

    • Japanese edition, (Tokyo, Otsuki Shoten, 2004).

     

  • Introduction to the Hungry for Profit Issue

    Introduction to the Hungry for Profit Issue

    “Introduction to the Hungry for Profit Issue,” [PDF] (John Bellamy Foster, Fred Magdoff and Frederick H. Buttel) Monthly Review, vol. 50, no. 3 (July 1998), pp. 1-13. DOI: 10.14452/MR-050-03-1998-07_1

    The conventional view that agriculture was displaced by industry in two stages—by the industrial revolution in the late ninteenth century, and as a result of the rise of the agribusiness system in the mid-twentieth century—has left many observers of the contemporary political economy with the impression that to deal with agriculture is essentially to focus on political-economic history rather than contemporary political economy. Nothing could be further from the truth. The purpose of this special issue of MR is to help compensate for the neglect that agriculture has often suffered in political-economic literature of the late twentieth century. In so doing we will continue with a line of argument that was introduced in MR more than a decade ago in the July-August 1986 special issue Science, Technology, and Capitalism, edited by Steffie Woolhandler and David Himmelstein, which included landmark essays on U.S. agriculture and agricultural research by Richard Lewontin and Jean-Pierre Berlan.

     

  • Liebig, Marx and the Depletion of the Natural Fertility of the Soil

    “Liebig, Marx and the Depletion of the Natural Fertility of the Soil: Implications for Sustainable Agriculture,” (co-authored with Fred Magdoff, Foster listed first), Monthly Review vol. 50, no. 3 (July 1998), pp. 32-45. DOI: 10.14452/MR-050-03-1998-07_3

    During the period 1830-1870 the depletion of the natural fertility of the soil through the loss of soil nutrients was the central ecological concern of capitalist society in both Europe and North America (only comparable to concerns over the loss of forests, the growing pollution of the cities, and the Malthusian specter of overpopulation). This period saw the growth of “guano imperialism” as nations scoured the globe for natural fertilizers; the emergence of modem soil science; the gradual introduction of synthetic fertilizers; and the formation of radical proposal for the development of a sustainable agriculture, aimed ultimately at the elimination of the antagonism between town and country.