by Chris Cutrone Lenin stated, infamously perhaps, that Marxists aimed to overcome capitalism “on the basis of capitalism itself.” This was in the context of horrors of not only industrial exploitation but also and especially of war: WWI. Lenin was … Continue reading When was the crisis of capitalism? The legacy of the 1960s New Left
by Ismael Hossein-zadeh Many liberal economists envisioned a new dawn of Keynesianism in the 2008 financial meltdown. Nearly six years later, it is clear that the much-hoped-for Keynesian prescriptions are completely ignored. Why? Keynesian economists’ answer: “neoliberal ideology,” which they … Continue reading Keynes is Dead; Long Live Marx!
by John Weeks Peddling Ideology as Science All social sciences carry a heavy burden of ideology, but none heavier or more explicit than what currently passes for mainstream economics. Critics often complain that economists arrogantly pretend to understand far more … Continue reading Capitalist economics and the economics of Capital
By Jeff Shantz In an earlier article (Shantz 1998), written almost three years before the dramatic anarchist interventions during the Seattle WTO meetings of 1999, I suggested that theories of social movements were ill-suited either for understanding or even appreciating the innovative practices and ideas then being undertaken by anarchists in North America. That article, and a series of follow-up articles, predicted the return of anarchist movements to a place of great importance within anti-capitalist struggles and offered the view that sociological movement analysis would largely be taken by surprise by the development (Shantz, 1999a; 1999b). Unfortunately, in the years … Continue reading Anarchy and autonomy: Contemporary social movements, theory, and practice
by Stephen Resnick and Richard Wolff Two different and contending mainstream theories have explained capitalism’s repeated crises over the last century. Each time each theory proposed correspondingly different solutions. Today’s crisis is no exception. One theory—called, after one of its founders, “Keynesian economics”—claims that unregulated private markets inevitably yield price movements that react back on the decisions of businesses, workers, and consumers to produce out-of-control price spirals. These periodically push the economy into inflations, recessions, or even depressions. Without intervention from outside, capitalism’s private economy may remain depressed or inflated long enough to threaten capitalism itself. Keynesian—or now more generally … Continue reading A Marxian interpretation of the economic crisis