An infernal machine: A new reading of Capital

by Fredric Jameson My title promises a preview of my forthcoming book, Representing Capital, a commentary on Volume I of Marx’s Capital, which I read somewhat differently than many of the standard interpretations. So I will tell you something about that and then draw some practical conclusions about Marxism today and its political and intellectual mission. I am anxious that this work of mine not be understood as a “literary” reading of Capital: not only have those few such attempts been either weak generic classifications or fairly obvious notes on style and metaphor: indeed, the very term literary in this … Continue reading An infernal machine: A new reading of Capital

Marxism: Dead or alive?

by Zoltan Zigedy  Twenty years ago Marxism was in retreat. Actually, it had been in retreat much earlier than the fall of the Soviet Union and Eastern European socialism a decade before the end of the twentieth century. But certainly the dissolution of the USSR marked a dramatic and, for many, a surprising finale. Communism, the revolutionary expression of Marxism, was the official ideology of states that contained roughly 40% of the world’s population as late as the nineteen eighties. At the same time, in many other countries, Communists were formidable political forces possibly in reach of political power or, … Continue reading Marxism: Dead or alive?

Taking notes 1

The US dollar’s (USD) continued decline in international standing took the next inevitable step reflecting the systemic failure of capitalism. The predictable effects of unbridled capital accumulation in America manifests itself yet again in recent media reports that China and Japan are promoting direct currency exchanges to facilitate commerce and profits for their enterprises and boost bilateral trade. The move essentially is to replace the USD as a reserve currency and allows both East Asian economic giants to convert yuan and yen directly, and so by-passing currency conversion via USD. This also saves on currency conversion costs. The move effectively … Continue reading Taking notes 1

A Marxian interpretation of the economic crisis

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