As a result of the COVID-19 pandemic, for the first time on record all sections of the world economy are expected to contract in 2020.
Raya Dunayevskaya’s archives column explores taking “a further look into the  economy, to measure the depth of the recession, not for statistical purposes, but for the relationship of dialectics of liberation to economic ills.” It bears striking relevance for what is happening in 2019.
The lightning move by Republicans in Congress to prepare to repeal the Affordable Care Act (ACA) or Obamacare—before Donald Trump even took office, with only the vaguest idea of what is to replace it, and with full knowledge that a large majority of Americans oppose the repeal of its most important provisions—gave a sign of how far the new single-party government intends to roll the clock back, with dizzying speed.
Review of White Trash: The 400-Year Untold History of Class in America by Nancy Isenberg.
The U.S. government took an ominous, reactionary political turn in the 2014 midterm elections, with Republicans taking control of the Senate. Extreme pro-war Senators like Joni Ernst in Iowa and Tom Cotton in Arkansas join veterans like Senator “Bomb, Bomb, Bomb Iran” John McCain, who will now control the Armed Services Committee and is hell-bent for new “boots on the ground” in Syria and Iraq. The whole Republican campaign—including these pro-war, pro-fossil-fuel, pro-“fetus is a person” candidates—ran on a cynically deceptive anti-Obama mantra….
The recent wave of strikes at Walmart and fast food restaurants signals the discontent brewing among the growing number of low-wage U.S. workers. They give notice that the far-reaching restructuring of jobs that was accelerated by the Great Recession also has a subjective side of revolt.
A week of strikes and demonstrations at Walmarts across the country peaked with events in 20 cities on June 4 alone. Chants of “Respect! Now!” joined the official demands of “$25,000 per year and enough hours to support our families” and an end to retaliation against workers who strike or speak up.
Draft for Marxist-Humanist Perspectives, 2014-2015. III. Capitalism’s political and economic degeneracy. A. Karl Marx haunts capitalism’s stagnation. B. The race toward climate chaos.
That there are two Americas when it comes to the economy and the wealth of our nation is no mystery to anyone. Everyone now knows the top 1% have essentially been the only beneficiaries of the latest “boom.” Journalists and economists take pains to point out how this jobless expansion has allowed the investors to recover from their losses of the 2008 financial collapse. Workers, though, are still left holding the bag.
Monsters of the Market: Zombies, Vampires, and Global Capitalism by David McNally (Haymarket Books, Chicago, July 2012).
“The wealth of those societies in which the capitalist mode of production prevails, presents itself as ‘a monstrous accumulation of commodities…’” Thus Marx states the theme of his magnum opus in the very first sentence: that capitalism is a [=>]
You’re invited to a nationwide series of five Marxist-Humanist discussions on:
Global Crises, Global Rebellion, and the Needed Philosophy of Revolution
Central to today’s reality is the worldwide capitalist economic crisis, the deepest since the Great Depression of the 1930s, and the context for occupations and revolutions across the globe. We will explore the meaning of this [=>]
From the new March-April 2012 issue of News & Letters:
‘We are all Greeks’
On Feb. 12, open rebellion broke out in Athens. “Layoffs! Layoffs…You will save Greece without the Greeks!” protesters proclaimed against the Greek parliament’s approval of a new round of austerity measures, dictated as conditions for a new 130 billion euro loan [=>]
Detroit–The unemployment crisis is reaching far into the future. Whereas many government and private economists have been predicting that the economy will pick up in the next quarter or the next year, new reports conclude that in 50 U.S. metropolitan areas, it will take at least a decade to regain employment lost since the 2008 [=>]
From the Writings of Raya Dunayevskaya
Editor’s note: Written in the midst of the last double-dip recession in the U.S., the piece excerpted here was originally titled, “In the U.S. and globally: deep recession, military buildup and the pulling apart of political alliances.” It was published as the lead article in the April 1982 N&L.
The depth of [=>]
by Ron Kelch
At the end of a months-long political spectacle in Washington–manufactured over irrelevancies concerning what should have been a routine raising of the national debt limit before the Aug. 2 deadline–reality struck with a bombshell: the anemic “jobless” recovery in the U.S. has stalled. The economy is getting worse and there is no solution [=>]
Capital on strike
Today capital is on strike even as it wages a two-pronged war against workers: automation and forcing cuts in living standards. In the U.S., 500 of the largest non-financial firms are sitting on a cash hoard of over a trillion dollars, yet capitalists have refused to invest in the real economy ever since [=>]