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September 2008, Volume 60, Number 4 c o n t e n t s Just over a year since the beginning of the worst U.S. financial crisis since the Great Depression, and only six months after the federal bailout of Bear Stearns, the seizing up of credit markets continues. The failure of eight U.S. banks this year, including IndyMac, and the recent instability that struck the two government-sponsored mortgage giants, Fannie Mae and Freddie Mac, requiring a special government rescue operation, has had the entire financial world on edge. Mortgage-related losses by themselves “could cause a trillion dollars in credit to vaporize,” according to a special July 28, 2008, Business Week report. The downside effects of financial leveraging (the magnification of results associated with borrowed money) mean that each dollar lost by financial institutions could lead to reductions in lending of fifteen dollars or more, creating a shockwave so massive that it could reveal structural weaknesses throughout the economy. Already the economy is reeling, with faltering growth, a deep slump in housing, massive job losses, rapidly rising oil and consumer goods prices, and a falling dollar… | more |
NEW THIS WEEK! Beginning in March 2008 and extending through the last Democratic primaries of early June, the United States witnessed the most brazen demonization in its history of a person based on his race, his creed, and his ties to a presidential candidate. One major purpose behind these attacks was to use the demonized figure to discredit the politician. But participation in the attacks also fed the voracious, twenty-four-hour-aday media appetite, and quickly took on a life of its own. When we look back at the ugly spectacle then taking place, the evidence suggests that, despite much optimism about narrowing racial divides and an emerging “post-racial” consciousness, something much closer to the opposite had gripped America.
Humanitarian Imperialism: Jean Bricmont’s concept “humanitarian imperialism” succinctly captures a dilemma that has faced Western leaders and the Western intellectual community since the collapse of the Soviet Union. From the origins of the Cold War, there was a reflexive justification for every resort to force and terror, subversion and economic strangulation: the acts were undertaken in defense against what John F. Kennedy called “the monolithic and ruthless conspiracy” based in the Kremlin (or sometimes in Beijing), a force of unmitigated evil dedicated to extending its brutal sway over the entire world. The formula covered just about every imaginable case of intervention, no matter what the facts might be. But with the Soviet Union gone, either the policies would have to change, or new justifications would have to be devised. It became clear very quickly which course would be followed, casting new light on what had come before, and on the institutional basis of policy.
The U.S. Media Reform Movement All social scholarship ultimately is about understanding the world to change it, even if the change we want is to preserve that which we most treasure in the status quo. This is especially and immediately true for political economy of media as a field of study, where research has a direct and important relationship with policies and structures that shape media and communication and influence the course of society. Because of this, too, the political economy of communication has had a direct relationship with policy makers and citizens outside the academy. The work, more than most other areas, cannot survive if it is “academic.” That is why the burgeoning media reform movement in the United States is so important for the field. This is a movement, astonishingly, based almost directly upon core political economic research.
Poetry: Marge Piercy is the author of Pesach for the Rest of Us: Making the Passover Seder Your Own (Schocken, 2007). Her most recent novel is Sex Wars: A Novel of the Turbulent Post-Civil War Period (New York: William Morrow, 2005) and her newest book of poetry is The Crooked Inheritance (Knopf, 2006).
July-August 2008, Volume 60, Number 3 c o n t e n t s This number of Monthly Review is a special issue on “Ecology: The Moment of Truth,” edited by Brett Clark, John Bellamy Foster, and Richard York. In the present issue we concentrate on the planetary environmental emergency. In a later special issue, to appear this fall, the magazine will address the social and economic regime change that is necessary to save the earth as we know it… | more |
Ecology: The Moment of Truth—An Introduction It is impossible to exaggerate the environmental problem facing humanity in the twenty-first century. Nearly fifteen years ago one of us observed: “We have only four decades left in which to gain control over our major environmental problems if we are to avoid irreversible ecological decline.”1 Today, with a quarter-century still remaining in this projected time line, it appears to have been too optimistic. Available evidence now strongly suggests that under a regime of business as usual we could be facing an irrevocable “tipping point” with respect to climate change within a mere decade.2 Other crises such as species extinction (percentages of bird, mammal, and fish species “vulnerable or in immediate danger of extinction” are “now measured in double digits”);3 the rapid depletion of the oceans’ bounty; desertification; deforestation; air pollution; water shortages/pollution; soil degradation; the imminent peaking of world oil production (creating new geopolitical tensions); and a chronic world food crisis—all point to the fact that the planet as we know it and its ecosystems are stretched to the breaking point. The moment of truth for the earth and human civilization has arrived.
Peak Oil and Energy Imperialism The rise in overt militarism and imperialism at the outset of the twenty-first century can plausibly be attributed largely to attempts by the dominant interests of the world economy to gain control over diminishing world oil supplies1. Beginning in 1998 a series of strategic energy initiatives were launched in national security circles in the United States in response to: (1) the crossing of the 50 percent threshold in U.S. importation of foreign oil; (2) the disappearance of spare world oil production capacity; (3) concentration of an increasing percentage of all remaining conventional oil resources in the Persian Gulf; and (4) looming fears of peak oil.
The Political Economy and Ecology of Biofuels Background
Climate Change, Limits to Growth, and the Imperative for Socialism The 2007 assessment report by the United Nations Intergovernmental Panel on Climate Change (IPCC) confirms that it is virtually certain that human activities (mainly through the use of fossil fuels and land development) have been responsible for the global warming that has taken place since the industrial revolution. Under current economic and social trends, the world is on a path to unprecedented ecological catastrophes. 1 As the IPCC report was being released, new evidence emerged suggesting that climate change is taking place at a much faster pace and the potential consequences are likely to be far more dreadful than is suggested by the IPCC report.
The Scientific Case for Modern Anthropogenic Global Warming Most Americans today believe that the burning of fossil fuels is causing global warming, but not everybody agrees. Climate contrarians proclaim that global warming is not occurring at all, or that it is occurring but is entirely natural, i.e., that the anthropogenic (human) contribution to global warming is negligible. The contrarian ranks include the well-known radical journalist Alexander Cockburn, who forcefully proclaimed anthropogenic global warming to be a myth in three articles published in 2007 on the CounterPunch Web site and in The Nation.1
The Oceanic Crisis: Capitalism and the Degradation of Marine Ecosystems The world ocean covers approximately 70 percent of the earth. It has been an integral part of human history, providing food and ecological services. Yet conservation efforts and concerns with environmental degradation have mostly focused on terrestrial issues. Marine scientists and oceanographers have recently made remarkable discoveries in regard to the intricacies of marine food webs and the richness of oceanic biodiversity. However, the excitement over these discoveries is dampened due to an awareness of the rapidly accelerating threat to the biological integrity of marine ecosystems.1 Framing India’s Hydraulic Crisis: The Politics of the Modern Large Dam For several decades following 1947, the modern large dam in India presented itself as a political conundrum, often voiced in strange, contradictory tones. In an oft-quoted speech in July 1954 Jawaharlal Nehru, India’s first prime minister (1947–64), likened the large dam to a “modern temple.” Later, in a less remembered speech before a gathering of engineers and technocrats in 1958, Nehru, as if in contrition, bemoaned the quest for big dams as a “disease of gigantism.”1
Blue Covenant: The Alternative Water Future The three water crises—dwindling freshwater supplies, inequitable access to water, and the corporate control of water—pose the greatest threat of our time to the planet and to our survival. Together with impending climate change from fossil fuel emissions, the water crises impose some life-or-death decisions on us all. Unless we collectively change our behavior, we are heading toward a world of deepening conflict and potential wars over the dwindling supplies of freshwater— between nations, between rich and poor, between the public and the private interest, between rural and urban populations, and between the competing needs of the natural world and industrialized humans.
Memorial:
June 2008, Volume 60, Number 2 c o n t e n t s The first third of 2008 should have been a wake-up call to those who, in the short-lived days of capitalist triumphalism, were inclined to lose sight of the immediacy of the internal contradictions of capitalism and of the resistance that the system continuously regenerates. The enormous extent of today’s combined world food-and-economic crisis is now patently obvious. Anti-imperialist and anticapitalist initiatives are once again mushrooming around the globe… | more |
Review of the Month: I am certain that, like many people these days, the first thing on your mind is the question of the referendum on reform of the Bolivarian Constitution — what the defeat means and where do we go from here. What I want to talk about today is not on that topic specifically, but it is related.
The Danish Disease: The Political Culture of Islamophobia
In trying to comprehend the virus of Islamophobia now infecting Europe, the small country of Denmark offers powerful insights. Shakespeare’s phrase that “something is rotten in the state of Denmark” seems appropriate to describe the transformation taking place in this former bastion of tolerance and conviviality. No Human Being Is Illegal: Moving Beyond Deportation Law Crowded on the beaches were the inductees, some twenty million silent black men, women, and children, including babes in arms. As the sun rose, the Space Traders directed them, first, to strip off all but a single undergarment; then, to line up; and finally, to enter those holds which yawned in the morning light like Milton’s “darkness visible.” The inductees looked fearfully behind them. But, on the dunes above the beaches, guns at the ready, stood U.S. guards. There was no escape, no alternative. Heads bowed, arms now linked by slender chains, black people left the New World as their forbears had arrived.
City of Youth: Shenzhen, China Since ancient times, people have dreamed of a City of Youth, where the population never ages, and where any outsider who comes to live there will remain forever young. They probably did not have in mind, however, the “agelessness” of today’s Shenzhen, China. Lying just over the border from Hong Kong, this “instant city” has grown in just over twenty-five years from a small fishing village to a sprawling metropolitan region approaching ten million people. As the first Special Economic Zone in China, it was a model for the capitalistic “market reforms” and “opening to the world” initiated in the late 1970s by Deng Xiaoping. One of its most striking aspects is the low average age of its residents, which has hovered for years at around twenty-seven. This stands in ever sharper contrast to China as a whole, where the population is rapidly aging.
Remembering Andre Gunder Frank While Thinking About the Future Andre Gunder Frank’s very long itinerary as a critical social scientist was marked by one unbudgeable constant. He was always committed to a left political agenda, and he was always analyzing the evolving current world situation as a left scholar-activist. I believe that the best tribute I can offer him is to do the same. Gunder’s father, Leonhard Frank, a distinguished novelist and man of letters, wrote toward the end of his life a novel based on his own life. Its title was Links, wo das Herz ist (“My Heart Is on the Left”). This would have been the most appropriate title for Gunder’s own never-written autobiography.
Remembrance: The poet, dramatist, and politician, Aimé Césaire, who died on April 17, aged ninety-four, saw this work, indeed all his work, as a weapon, perhaps best exemplified in Une Tempète. In his introduction to it, Robin G. D. Kelley, wrote “the weapon of poetry may be Césaire’s greatest gift to a world still searching for freedom.”
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