John Bellamy Foster

Tag: Michael Dawson

  • Virtual Capitalism

    “Virtual Capitalism: The Political Economy of the Information Highway,” (co-authored with Michael Dawson, Foster listed second), Monthly Review vol. 48, no. 3 (July 1996), pp. 40-58. DOI: 10.14452/MR-048-03-1996-07_3

    One of the great technological myths of our time is that the entire system of organized capitalism dating back to the Industrial Revolution (and even earlier), is being displaced by a new age of “the electronic republic” rooted in the technology of the Information Revolution.

    Translations:
    • Translated and published in German as “Virtueller Kapitalismus: Die Politische Ökonomie der Datenautobahn,” Supplement der Zeitschrift Sozialismus, December 1996, pp. 12-20.

     

  • Is There an Allocation Problem?: A Comment on Murray Smith’s Analysis of the Falling Profit Rate

    “Is There an Allocation Problem?: A Comment on Murray Smith’s Analysis of the Falling Profit Rate,” [PDF], (co-authored with Michael Dawson, Foster listed first), Science & Society, vol. 58, no. 3 (Fall 1994), pp. 315-24.

    In the Fall 1993 issue of Science & Society the editors observed that Murray Smith’s articles on the falling rate of profit, which formed the opening contribution to that issue, constituted an important new study that “should be compared with the work of [Thomas] Weisskopf, [Edward] Wolff and [Fred] Moseley’- all of whom have carried his empirical results not so much with the work of these radical economists (two of whom he never mentioned) as with the traditional thought that he classified as ‘underconsumptionist,” associated with the work of Paul Baran, Paul Sweezy, Joseph Phillips, Harry Magdoff, and the present authors. Indeed, Smith contended that a recent statistical assessment of the economic surplus that we authored (Dawson and foster, 1991; Dawson and Foster 1992) contradicted the main theoretical thrust of the tradition we represent, demonstrating that “the (profitability) crises of the 1970’s and 1980’s cannot be adequately explained on the basis of an underconsumptionist mode of analysis” (Smith, 1993, 282).

  • The Tendency of the Surplus to Rise, 1963–1988

    “The Tendency of the Surplus to Rise, 1963–1988” [PDF], (co-authored, second author with Michael Dawson), in John B. Davis, ed. The Economic Surplus in Advanced Economies (Brookfield, Vermont: Edward Elgar Publishing Company, 1992), pp. 42-70.

    In the increasingly universal monopoly-capitalist economy and culture of the late twentieth century, people no longer need what they want or want what they need. Wants are artificially manufactured while the most desperate needs of innumerable individuals remain unfulfilled. Although labor productivity has steadily risen, the overall efficiency and rationality of society has in many ways declined. Indeed, it is almost impossible to arrive at any other conclusion if one considers the lavish office structures in cities like New York, Dallas, Atlanta, and Los Angeles, where employees use the most technologically advanced means to “develop” yet another laundry detergent, television commercial, or leveraged buyout, while on the ground below large numbers of people lack decent housing, food, clothing, medical care, and education; if one considers automated assembly plants existing in the same social space as millions of unemployed, partially employed, “discouraged,” and poorly paid workers; or if one contemplates what it means to launch still another aircraft carrier, the total costs of which are equal to half the annual federal budget for elementary and secondary education.

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