Articles

Notes from the Editors, April 2007

by The Editors

April 1, 2007

The U.S. economy in early March 2007 appears to be rapidly decelerating. Orders for durable goods in manufacturing dropped 8 percent in January and the manufacturing sector as a whole shrank during two of the last three months for which data is currently available (November–January), representing what is being called a "recession" in manufacturing, and raising the possibility of a more general economic downturn (New York Times, February 28, 2007)

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The Financialization of Capitalism

by John Bellamy Foster

April 1, 2007

Changes in capitalism over the last three decades have been commonly characterized using a trio of terms: neoliberalism, globalization, and financialization. Although a lot has been written on the first two of these, much less attention has been given to the third. Yet, financialization is now increasingly seen as the dominant force in this triad. The financialization of capitalism-the shift in gravity of economic activity from production (and even from much of the growing service sector) to finance—is thus one of the key issues of our time. More than any other phenomenon it raises the question: has capitalism entered a new stage?

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The Only Viable Economy

by István Mészáros

April 1, 2007

Once upon a time the capitalist mode of production represented a great advance over all of the preceding ones, however problematical and indeed destructive this historical advance in the end turned out-and had to turn out-to be. By breaking the long prevailing but constraining direct link between human use and production, and replacing it with the commodity relation, capital opened up the dynamically unfolding possibilities of apparently irresistible expansion to which -- from the standpoint of the capital system and of its willing personifications -- there could be no conceivable limits. For the paradoxical and ultimately quite untenable inner determination of capital's productive system is that its commodified products "are non-use-values for their owners and use-values for their non-owners. Consequently they must all change hands. . . . Hence commodities must be realised as values before they can be realised as use-values."

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The Imperative of an International Guaranteed Income

by Stephen J. Fortunato Jr.

April 1, 2007

Twenty-first century capitalism is not an improved and benign version of its nineteenth- and twentieth-century manifestations, nor will it ever be, despite daily bluster by the system's practitioners and apologists that a rising tide of prosperity will soon lift all boats. The animating principles of capitalism governing the pursuit of profits are as hollow and iniquitous now as they were in 1848, especially where human exploitation and the distribution of wealth are concerned. As super-capitalist Warren Buffett remarked recently in a trenchant understatement: "A market system has not worked well in terms of poor people" (The New York Times, June 27, 2006)

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What It Means to Teach

by Amy Demarest and Ellen David Friedman

April 1, 2007

Daniel Moulthrop, Ninive Clements Calegari, and Dave Eggers, Teachers Have It Easy: The Big Sacrifices and Small Salaries of America's Teachers (New York: The New Press, 2006), 355 pages, hardcover, $25.95.

Although some idealize and others demean the work of teachers, few people outside the field fully understand what it really means to teach. Misconceptions about teaching influence the ways that Americans think about the profession. One of the manifestations of this enduring disconnect between the American public and the professionals who teach is the low salaries teachers receive. This is the main issue that Moulthrop, Calegari, and Eggers tackle in this thorough and valuable ethnographic study of the lives of teachers, their daily struggle to make ends meet, and what it means to teach

Notes from the Editors, March 2007

by The Editors

March 1, 2007

Our friends Leo Panitch and Colin Leys, editors of the Socialist Register, have recently published Coming to Terms with Nature: Socialist Register, 2007 (Monthly Review Press, 2006), which includes contributions by a distinguished group of analysts addressing crucial environmental issues—dealing with everything from "fossil capitalism" to eco-localism

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Israel in the U.S. Empire

by Bashir Abu-Manneh

March 1, 2007

Any reader of Israel Studies's recent issue on the "Americanization of Israel" would be likely to conclude that the most important aspect of U.S.-Israel relations was cultural and religious exchange.* U.S. commodification of Israeli consumption is a key focus here, as is the impact of U.S. religious trends on Israeli religious practices. Though politics does feature in the issue, its place is largely restricted to the influence of the United States on the Israeli party political system and to the ideological convergence between Christian fundamentalism and the Likud Party. The informing conception of the issue, then, seems to be the endeavor to pinpoint those aspects of Israel that have been "Americanized" in recent years. Contributors are thus preoccupied with determining how specific U.S. forms and norms have migrated to and been translated into Israeli culture and society

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Imperialism: In Tribute to Harry Magdoff

by William K. Tabb

March 1, 2007

Imperialism is the system by which a dominant power is able to control the trade, investment, labor, and natural resources of other peoples. It takes different forms in different stages of capitalist development and has elements in common with the imperium of ancient empires. I want to lay out these structural elements, contrast them with the mainstream economists' view of exchange regulated by free market principles, and then discuss the specific form imperialism takes in our own time. Any essay on this subject written from the left must acknowledge the influence of the writing of Harry Magdoff and on this occasion his influence is highlighted

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Rank-and-File Rebellions in the Coalfields, 1964-80

by Paul J. Nyden

March 1, 2007

Rank-and-file rebellions began rumbling in the coalfields from Pittsburgh and down the Ohio River after 1964, when dissident miners first challenged incumbents in international and district United Mine Workers (UMW) elections. Concern and anger also seethed through the coalfields of southern West Virginia during those years, particularly over black lung, a painful and often-fatal occupational disease. Doctors Isadore E. Buff and Donald Rasmussen helped spark those rumblings with speeches in union halls, schools, and churches

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