Articles

Notes from the Editors, November 2010

Notes from the Editors, November 2010

by The Editors

November 1, 2010

Although the Great Recession officially ended in the U.S. economy more than a year ago (June 2009), for most people—especially the long-term unemployed, minorities, and youth—the effects are far from over. Indeed, it is a measure of the economic malaise in which the industrialized countries remain mired that the specter of stagnation is once again haunting mainstream discourse. As Paul Krugman recently observed, the U.S. economy is experiencing "what looks increasingly like a permanent state of stagnation and high unemployment" akin to the 1930s ("This is Not a Recovery," New York Times, August 26, 2010)

Capitalism and the Curse of Energy Efficiency: The Return of the Jevons Paradox

by Brett Clark, John Bellamy Foster and Richard York

November 1, 2010

The curse of energy efficiency, better known as the Jevons Paradox—the idea that increased energy (and material-resource) efficiency leads not to conservation but increased use—was first raised by William Stanley Jevons in the nineteenth century. Although forgotten for most of the twentieth century, the Jevons Paradox has been rediscovered in recent decades and stands squarely at the center of today's environmental dispute

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The Humanization of the CosmosÑTo What End?

by Peter Dickens

November 1, 2010

Society is increasingly humanizing the cosmos. Satellites have for some time been central to the flow of information, to surveillance, and to the conduct of warfare. As these examples suggest, however, the humanization of the cosmos is primarily benefiting the powerful. These include major economic and military institutions. Furthermore, the forthcoming commodification and colonization of the cosmos is again likely to enhance the interests of the powerful, the major aerospace companies in particular. The time has come to consider alternative forms of cosmic humanization. These would enhance the prospects of the socially marginalized. They would also allow humanity to develop a better understanding of the cosmos and our relationship to it

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Mexico: “Failed States,” New Wars, Resistance

by James D. Cockcroft

November 1, 2010

A social volcano is bubbling in Mexico. Nearly half the country's eligible voters showed their disgust with the country's political parties by staying away from the polls in the off-year elections of July 2010. All the major political parties have become neoliberal and corrupt. Broad-based social movements are resisting a right-wing offensive, which, building on twenty-eight years of neoliberal economic policies, has led to the country's increasing militarization. Following the 2006 fraudulent election of Felipe Calderón,1 a reign of terror was unleashed by means of his unconstitutional, self-declared "war" ostensibly against drug cartels involved in bloody internecine strife

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Dreams of Revolution: Oklahoma, 1917

by John Womack, Jr. and Roxanne Dunbar-Ortiz

November 1, 2010

In August 1917, tenant farmers and sharecroppers in several eastern and southern Oklahoma counties took up arms to overthrow the United States government, to stop military conscription and U.S. entry into the war in Europe. Renegade Socialists, organized in their own "Working Class Union" (WCU), white, black, and Indian, they believed that millions of armed working people across the country would march with them to take Washington

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The Guilt of Capitalism

by Paul M. Sweezy

November 1, 2010

Though it is neither written nor marketed as such, Who Owns the Sun? by researcher/activists Daniel Berman and John O'Connor, is a devastating indictment of capitalism. As it has developed in the last two centuries, this system is an enormous user of energy, most of it derived from the burning of fossil fuels (coal, oil, natural gas). An additional—and in some parts of the world increasing—source is nuclear fission. Both of these forms of energy are dangerous and environmentally destructive to life on the planet. Burning fossil fuels generates almost all of the greenhouse gasses that have already begun to change the planet's climate and, if continued at anywhere near the present rates, will trigger a chain reaction of lethal disasters, not in some vaguely distant future but in the next century or so—historically a relatively short span of time. Nuclear fission leaves a legacy of radioactive waste that cannot now, or perhaps ever, be safely disposed of. Clearly if humanity, not to speak of other forms of life, is to have a future, nothing could be more important than phasing out these sources of energy. So much, I believe, is what can be appropriately called ecological common sense

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Notes from the Editors, October 2010

Notes from the Editors, October 2010

by The Editors

October 1, 2010

To understand the disaster that is present-day economics, it is crucial to recognize that we are living today, not only in the deepest economic crisis/stagnation since the Great Depression, but also—as Paul Krugman declared in his New York Times blog on January 27, 2009—in "A Dark Age of Macroeconomics," in which the central discoveries of the 1930s have been forgotten or discarded. "What made the Dark Ages dark," Krugman wrote, "was the fact that so much knowledge had been lost, that so much known to the Greeks and Romans had been forgotten by the barbarian kingdoms that followed." The critical knowledge lost that gave rise to the new Dark Age in Macroeconomics, he claimed, was none other than the Keynesian Revolution centered on the critique of Say's Law, or the notion that supply creates its own demand. In the context of arguing against government deficit spending, leading economists at the University of Chicago, the bastion of reaction in economics, have reverted to a "pure Say's Law, pure 'Treasury view'" by insisting that increased savings automatically lead to increased investment, while government borrowing invariably "crowds out" investment

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The Financialization of Accumulation

by John Bellamy Foster

October 1, 2010

In 1997, in his last published article, Paul Sweezy referred to "the financialization of the capital accumulation process" as one of the three main economic tendencies at the turn of the century (the other two were the growth of monopoly power and stagnation). Those familiar with economic theory will realize that the phrase was meant to be paradoxical. All traditions of economics, to varying degrees, have sought to separate out analytically the role of finance from the "real economy." Accumulation is conceived as real capital formation, which increases overall economic output, as opposed to the appreciation of financial assets, which increases wealth claims but not output. In highlighting the financialization of accumulation, Sweezy was therefore pointing to what can be regarded as "the enigma of capital" in our time

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The Crisis of Capitalism in Europe, West and East

by Özlem Onaran

October 1, 2010

There are three dimensions to the current, unprecedented global crisis of capitalism: economic, ecological, and political.

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Let us look first at the economic dimension, which will be our main concern in this article. Capitalism is facing a major realization crisis—an inability to sell the output produced, i.e., to realize, in the form of profits, the surplus value extracted from workers' labor. Neoliberalism can be viewed as an attempt initially to solve the stagflation crisis of the 1970s by abandoning the "Keynesian consensus" of the "golden age" of capitalism (relatively high social welfare spending, strong unions, and labor-management cooperation), via an attack on labor. It succeeded, in that profit rates eventually recovered in the major capitalist economies by the 1990s

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Equality and Rights for ImmigrantsÑthe Key to Organizing Unions

by David Bacon

October 1, 2010

Organizing immigrant communities is not a matter of taking pity on the downtrodden. It is a matter of understanding what is necessary for the survival of our communities, of our labor movement. If we are serious in wanting to build political power, then we must incorporate migrant workers, fight for their rights, and make the movement for social justice one that belongs to all of us, documented and undocumented.

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