Articles

The “New Economy” and the Speculative Bubble: An Interview with Doug Henwood

by Doug Henwood

April 1, 2001

Doug Henwood, author of Wall Strr£t:How It Works andfur lWIom (Verso, 1997) and publisher and primary author of the newsletter Left Business Observer; is a fre- quent contributor to Munthly Review. Doug was interviewed earlier this year for the San Francisco Ba:y Guardian by another good friend of ours, Christian Parenti-author of 1.JxiuJnam Ameriaz (Verso, 1999), reviewed in last month's MR At the end of February we asked a few additional questions of Doug. The composite interview follows

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Neoliberalism from Reagan to Clinton

by Gregory Albo

April 1, 2001

Michael Meeropol, Surrender: How the Clinton Administration Completed the Reagan Revolution (Ann Arbor: University of Michigan Press, 1998), 377 pages, cloth $34.50, paper $19.95.
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Recent presidential elections in the United States have obfuscated, more than clarified, the social divisions of American society. While the Democrats project a well-worn image of protecting working Americans the Republicans declare the need to defend traditional American values. In reality, the consensus between the two parties on the superiority of American government and the beneficence of capitalism rules any challenge to the status quo politically out of bounds (even the candidacy of longtime policy activist Ralph Nader was seen as beyond the pale). The contest between Albert Gore and George W. Bush—a contest between patrician familial dynasties that could only occur in the United States—was no exception

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Notes from the Editors, March 2001

by The Editors

March 1, 2001

Two decades after the Carter and Reagan administrations launched their attacks on the U.S. regulatory system the world is littered with the wreckage of neoliberal deregulation. Seldom have these failures loomed so prominently, however, as in the rolling blackouts that swept much of California in January of this year. These rolling blackouts were implemented by California power authorities in a desperate attempt to deal with a burgeoning crisis in the availability of electrical power resulting from the deregulation of California's electrical power companies beginning in 1996. The deregulation legislation, passed unanimously by the California state legislature, promised a 20 percent drop in electricity rates by 2002. Rates for final consumers were to be frozen at around 50 percent above the national average for up to four years (1998-2002), during which time the ratepayers were required to contribute to paying off the “stranded assets” of the major private utility companies, consisting of billions of dollars in bad investments in nuclear power facilities. So far, California ratepayers have paid out seventeen billion dollars to the private electrical utilities under these provisions. Deregulation also required the utilities to sell off their power generation facilities (with the exception of some hydropower and nuclear facilities).

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Global Media, Neoliberalism, and Imperialism

by Robert W. McChesney

March 1, 2001

In conventional parlance, the current era in history is generally characterized as one of globalization, technological revolution, and democratization. In all three of these areas media and communication play a central, perhaps even a defining, role. Economic and cultural globalization arguably would be impossible without a global commercial media system to promote global markets and to encourage consumer values. The very essence of the technological revolution is the radical development in digital communication and computing. The argument that the bad old days of police states and authoritarian regimes are unlikely to return is premised on the claims that new communication technologies along with global markets undermine, even eliminate, the capacity for “maximum leaders” to rule with impunity

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Subverting a Model

by Annette T. Rubinstein

March 1, 2001

Vijay Prashad,The Karma of Brown Folk(University of Minnesota Press, 2000), 248 pages, $25 hardcover.
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The Karma of Brown Folk is essentially addressed to two audiences and is surprisingly successful in being readable by both. Its primary audience is the “desi”—men and women of South Asian descent living in the United States. This widely dispersed group of some fifteen million first and second generation immigrants is often referred to as a model minority—untroublesome, hardworking, entrepreneurial, conservative, clannish, and family oriented. In approaching these countrymen the author’s freely avowed purpose is a subversive one. He wants to destroy the image by re-forming the fact behind it

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Capitalism and Crisis: Creating a Jailhouse Nation

by David Gilbert

March 1, 2001

Lockdown America: Police and Prisons in The Age of Crisis by Christian Parenti.
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By the time I was captured in 1981, the prologue to a life sentence, I had twenty years of movement experience—both above and underground—under my belt. So I thought I had a good understanding of the race and class basis of prisons. But once actually inside that reality, I was stunned by just how thoroughly racist the criminal justice system is and also by the incessant petty hassles of humiliation and degradation. As political prisoner Mumia Abu-Jamal aptly noted in Live From Death Row, there is a “profound horror…in the day-to-day banal occurrences…[the] second-by-second assault on the soul.” The 1980s became the intense midpoint of an unprecedented explosion of imprisonment. Since 1972, the number of inmates in this country, on any given day, has multiplied six-fold to the two million human beings behind bars today. Another four million are being supervised on parole or probation. The U.S. is the world leader in both death sentences and incarcerations. With just 5 percent of the world’s population, we hold 25 percent of the prisoners.

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The Myth of the Middle-Class Society

by Paul Buhle

March 1, 2001

Michael Zweig, The Working Class Majority: America’s Best Kept Secret (Cornell University Press, 2000), 192 pages, $25 cloth, $14.95 paper.
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The claim that the U.S. is a “middle-class country”—which goes back at least to the eighteenth century—has set apart (white) yeoman farmers from the rural or urban poor, and notably from nonwhites. Thomas Jefferson envisioned his ideal nation as the land of, and for, hard-working property holders, free of the turmoil and corruption inevitable in Europe’s aristocratic fixed-class system

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Refuting the Big Lie

by Doug Dowd

March 1, 2001

Hugh Stretton, Economics: A New Introduction (Pluto Press, 1999), 864 pages, $90 hardcover, 35 paper.
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Capitalism was first firmly established in Britain in the eighteenth century and it was then and there that economics was born, in Adam Smith’s Wealth of Nations (1776). Economists have served capitalism ever since, but only in the past quarter-century has capitalism needed—and gotten—so much from them

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Notes from the Editors, February 2001

by The Editors

February 1, 2001

The attention given to the Florida elections in the US presidential race has highlighted the horrendous fact that in Florida and throughout the South thirty-five years after the passage of the Voting Rights Act there are numerous ways in which African Americans are prevented from voting. Thus Florida is one of fourteen states that bar ex-criminal offenders from voting even after they have completed their sentences. In Florida alone more than 400,000 ex-criminal offenders who at one time received felony convictions but who have now completed their sentences and are no longer in prison, on probation, or on parole have been barred from voting in this way. This includes almost one-third of black men in that state and more than 200,000 potential African-American voters, 90 percent or more of whom could have been expected to vote Democrat if they had voted. This situation in Florida and other states is documented in a 1998 report entitled Losing the Vote, issued by Human Rights Watch and the Sentencing Project, available on-line at http://www.hrw.org/reports98/vote/. Given the fact that under the present criminal injustice system African Americans are far more likely to be arrested and given felony convictions than their white counterparts this becomes an effective means of political control.

The Nader Campaign and the Future of U.S. Left Electoral Politics

by The Editors

February 1, 2001

The unlikely postelection contest between Al Gore and George W. Bush, which ultimately led to the anointing of Bush as president by the Republican majority on the US Supreme Court (despite the fact that Bush received fewer popular votes than Gore both in the United States as a whole and most likely in Florida as well—the state that gave Bush his electoral college win), has tended to erase all other developments associated with the election. But all of this should not cause us to forget that the Ralph Nader Green Party campaign for the presidency was arguably the most extraordinary phenomenon in US left politics in many years

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