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May 2008, Volume 60, Number 1 c o n t e n t s The subprime mortgage crisis that emerged late last summer in the United States led to a massive seizure in the world financial system that has had capital staggering ever since. This has now carried over to the “real economy” of jobs and income. As reported in the Wall Street Journal on April 4, “The National Bureau of Economic Research probably won’t say this for months. But why wait? The U.S. economy fell into recession sometime in January” (“Job Market Hints Recession Has Started”). World economic growth as a whole is expected to decline sharply this year… | more |
Review of the Month: An acute food crisis has struck the world in 2008. This is on top of a longer-term crisis of agriculture and food that has already left billions hungry and malnourished. In order to understand the full, dire implications of what is happening today it is necessary to look at the interaction between these short-term and long-term crises. Both crises arise primarily from the for-profit production of food, fiber, and now biofuels, and the rift between food and people that this inevitably generates…
United States of Insecurity Noam Chomsky is an Institute Professor of Linguistics at the Massachusetts Institute of Technology. His most recent books are Interventions (City Lights, 2007), Failed States (Metropolitan Books, 2007), and Inside Lebanon: Journey to a Shattered Land with Noam and Carol Chomsky (Monthly Review Press, 2007). Gabriel Matthew Schivone is an editor of Days Beyond Recall: Alternative Media and Literary Journal and winner of the 2007 Frederica Hearst Prize for Lyrical Poetry.This article is based on an interview conducted by telephone and e-mail November 27, 2007–February 11, 2008. The interviewer thanks Mary Elizabeth Barnes for help with editing and transcribing this interview…
The Subprime Debacle As the United States braces itself for the onset of a recession, much of the blame for the current downturn is being attributed to the recent subprime mortgage crisis. While boom and bust cycles in real estate markets are nothing new, what distinguishes the current crisis is that the massive run-up in home prices was driven by the proliferation of new forms of securitized finance that permitted massive sums of loan capital to be pumped into the property markets. Only a few years prior these exotic financial products were being touted for their ability to hedge risk and achieve a more efficient allocation of credit. Buoyed by an exuberant sense that the wizards of Wall Street had so thoroughly transformed the nature of risk that the rules of the game had been fundamentally altered, investor demand for these securities exploded, and the underwriting and trading of these new forms of engineered debt underwent an extraordinary period of growth…
Sweezy in Perspective Paul M. Sweezy was, in the words of his contemporary John Kenneth Galbraith, “the most distinguished of present-day American Marxists.”1 A Harvard-trained economist, his writings spanned some seven decades from the early 1930s to the closing years of the twentieth century. For more than half a century he was coeditor of Monthly Review, subtitled An Independent Socialist Magazine, which he founded along with Leo Huberman in 1949. Although first and foremost an economist, Sweezy was also a social scientist in a much broader sense. His impact on political science, sociology, history, and other disciplines was profound. He took the entire globe as his field of analysis, helping to enlarge our understanding of imperialism and of the necessity of revolution, particularly in the third world…
Poetry: Adrienne Rich’s most recent book is Telephone Ringing in the Labyrinth: Poems 2004–2006. A selection of her essays, Arts of the Possible: Essays and Conversations, appeared in 2003. She edited Muriel Rukeyser’s Selected Poems for the Library of America. She is a recipient of the National Book Foundation’s 2006 Medal for Distinguished Contribution to American Letters, among other awards.
Review: Roxanne Dunbar-Ortiz, Blood on the Border: A Memoir of the Contra Years (Boston: South End Press, 2005), 304 pages, paperback, $18.00. Few U.S. revolutionaries of her generation have “lived to tell the tale” like Roxanne Dunbar-Ortiz, to borrow the title of Gabriel García Márquez’s memoirs. Blood on the Border: A Memoir of the Contra Years is the last volume of a trilogy including Red Dirt: Growing up Okie (University of Oklahoma Press, 1992) and Outlaw Woman: A Memoir of the War Years (City Lights, 2001). Although influenced by oral traditions in his “native” Colombian Caribbean, García Márquez has little to say about his own political commitments, or Colombian politics more generally.1 In contrast, influenced by traditions of storytelling native to rural Oklahoma and Native American communities throughout the U.S. West, Dunbar-Ortiz’s latest memoir puts flesh on the bones of the slogan “the personal is political.” The phrase, she notes, was coined within the Student Non-Violent Coordinating Committee and carried into the women’s liberation and antiwar movements.
Review: Naomi Klein, The Shock Doctrine: The Rise of Disaster Capitalism (New York: Metropolitan Books, 2007), 466 pages, hardcover, $28.00. At the crossroads of Buenos Aires’s shopping district sits a posh mall called the Galerías Pacífico, a showcase for global brand names and a playground for Argentina’s rich. One day, a film crew descended to the basement. There they found an abandoned torture chamber, its walls still etched with names, dates, and messages from political prisoners disappeared under the military junta. In The Shock Doctrine, Naomi Klein goes digging deep into the basements of global capitalism, from the torture labs of Latin America to the oil fields of Iraq, unearthing the bodies and catching the culprits red-handed. In the process, she demolishes one of the great myths of our time: that free markets go hand in hand with free societies, and that globalized free enterprise brings peace and democracy. Instead, as Klein documents in this definitive history, the new world order is the product of three decades of free-market terror, torture, and shock.
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