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Essays on Globalization and Neoliberalism - Monthly Review We place these articles at no charge on our website to serve all the people whocannot afford Monthly Review, or who cannot get access to it where theylive. Many of our most devoted readers are outside of the United States. If youread our articles online and you can afford a subscription to our printedition, we would very much appreciate it if you would consider purchasingone. Please click here tosubscribe.Thank you very much. —The Editors  HomeSubscribeBOOKSRELATED TO THIS TOPIC:  Global Flashpoints: Reactions to Imperialism and Neoliberalism Socialist Register 2008 edited by Leo Panitch and Colin Leys BUY THIS BOOK  The Liberal Virus: Permanent War and the Americanization of the World by Samir Amin BUY THIS BOOK  Silent Revolution: The Rise and Crisis of Market Economics by Duncan Green BUY THIS BOOK  The Amoral Elephant: Globalization and the Struggle for Social Justice in the Twenty-First Century by William K. Tabb BUY THIS BOOK RECENTESSAYS ON:AfricaAsiaEmpire & the New ImperialismEuropeFeminism/WomenFood & HungerGlobalizationIraq & U.S. ImperialismLabor/Working-ClassLatin America & CaribbeanMedia/CommunicationsThe War on Terrorism & the New Police StateU.S. Politics/EconomySocial/Political TheoryLINKS:» InternationalPolitical Economy Links» Left BusinessObserver» PublicCitizen» Unitedfor a Fair EconomyEssays on Globalization and Neoliberalism An Age of Transition: The United States, China, Peak Oil, and the Demise of Neoliberalism Minqi Li Until recently, the global capitalist economy has enjoyed a period of comparative tranquility and grown at a relatively rapid pace since the global economic crisis of 2001–02. During this period of global economic expansion there have been several important economic and political developments. First, the United States—the declining hegemonic power but still the leading driving force of the global capitalist economy—has been characterized by growing internal and external financial imbalances. The U.S. economy has experienced a period of debt-financed, consumption-led “expansion” with stagnant wages and employment, and has been running large and rising current account deficits (the current account deficit is a broad measure of the trade deficit). Second, China has become a major player in the global capitalist economy and has been playing an increasingly important role in sustaining global economic growth. Third, global capitalist accumulation is imposing growing pressure on the world’s natural resources and environment. There is increasingly convincing evidence that the global oil production will reach its peak and start to decline in a few years. Fourth, the U.S. imperialist adventure in the Middle East has suffered devastating setbacks and there has been growing resistance to neoliberalism and U.S. imperialism throughout the world. April 2008 Beyond Liberal Globalization: A Better or Worse World Samir Amin The CIA (together with its associated intelligence organizations) gathers anunparalleled mass of information of all kinds on all the world’scountries. However, its analysis of this material is banal in the extreme. Thisis undoubtedly because its leaders cannot see beyond their imperialistprejudices or their Anglo-Saxon worldview and lack critical interest andimagination. December 2006 The Worldwide Class Struggle Vincent Navarro A trademark of our times is the dominance of neoliberalism in themajor economic, political, and social forums of the developed capitalistcountries and in the international agencies they influence—including theIMF, the World Bank, the WTO, and the technical agencies of the United Nationssuch as the World Health Organization, Food and Agricultural Organization, andUNICEF. Starting in the United States during the Carter administration,neoliberalism expanded its influence through the Reagan administration and, inthe United Kingdom, the Thatcher administration, to become an internationalideology. September 2006 Neoliberalism: Myths and Reality Martin Hart-Landsberg Agreements like the North American Free TradeAgreement (NAFTA) and the World Trade Organization (WTO) have enhancedtransnational capitalist power and profits at the cost of growing economicinstability and deteriorating working and living conditions. Despite thisreality, neoliberal claims that liberalization, deregulation, and privatizationproduce unrivaled benefits have been repeated so often that many working peopleaccept them as unchallengeable truths. Thus, business and political leaders inthe United States and other developed capitalist countries routinely defendtheir efforts to expand the WTO and secure new agreements like the Free TradeArea of the Americas (FTAA) as necessary to ensure a brighter future for theworld’s people, especially those living in poverty. April 2006 Fixed, Footloose, or Fractured: Work, Identity, and the Spatial Division of Labor in the Twenty-First Century Ursula Huws The combination of technological change andglobalization is bringing about fundamental changes in who does what workwhere, when, and how. This has implications which are profoundly contradictoryfor the nature of jobs, for the people who carry them out, and hence for thenature of cities. March 2006 Ideology and Economic Development Michael A. Lebowitz Economic theory is notneutral, and the results when it is applied owe much to the implicit andexplicit assumptions embedded in a particular theory. That such assumptionsreflect specific ideologies is most obvious in the case of the neoclassicaleconomics that underlies neoliberal economic policies.May 2004 After Neoliberalism:Empire, Social Democracy, or Socialism?MinqiLiSince the early 1980s,the leading capitalist states in North America and Western Europe have pursuedneoliberal policies and institutional changes. The peripheral andsemiperipheral states in Latin America, Africa, Asia, and Eastern Europe, underthe pressure of the leading capitalist states (primarily the United States) andinternational monetary institutions (IMF and the World Bank), have adopted“structural adjustments,” “shock therapies,” or“economic reforms,” to restructure their economies in accordance withthe requirements of neoliberal economics.January 2004 AfterNeoliberalism?William K. TabbWhat comes afterneoliberalism? To answer that question we must ask a more fundamental question:What do neoliberalism and neoconservatism have in common with theantiglobalization and antiwar movements? The answer is that all ostensiblyshare a focus on redefining democracy in the contemporary world system.“Spreading democracy” is the rallying cry of both the WashingtonConsensus and the Bush Doctrine. The “Washington Consensus” is theclaim that global neoliberalism and core finance capital’s economiccontrol of the periphery and the entire world by means of the InternationalMonetary Fund (IMF) and the World Trade Organization (WTO) is the onlyrealistic alternative to misery and disaster. The “Bush Doctrine” isthe bald neoconservative justification of U.S. global military domination andpreemptive war—as part of a renewed attempt to make the world safe fordemocracy. For the antiglobalization and antiwar movements these establishmentdoctrines, insofar as they profess to be “spreading democracy,” arenothing but window dressing for the global dictatorship of the U.S. and corecorporate governing elites. While focusing their attack on the institutionsthat enforce this dictatorship, these movements also strive to create analternative, a genuine participatory democracy.June 2003REVIEWOF THE MONTHMonopoly Capital and theNew GlobalizationJOHNBELLAMY FOSTERThis Review of the Monthwas originally written as a chapter (“Paul Sweezy and MonopolyCapital”) for Douglas Dowd, ed., Understanding Capitalism: CriticalAnalysis from Karl Marx to Amartya Sen, to be published by Pluto Press inJuly 2002. It is printed here by permission. For more information on PlutoPress see http://www.plutobooks.com.We live at a time whencapitalism has become more extreme, and is more than ever presenting itself asa force of nature, which demands such extremes. Globalization—the spreadof the self-regulating market to every niche and cranny of the globe—isportrayed by its mainly establishment proponents as a process that is unfoldingfrom everywhere at once with no center and no discernible power structure. Asthe New York Times claimed in its July 7, 2001 issue, repeating nowfashionable notions, today’s global reality is one of “a fluid,infinitely expanding and highly organized system that encompasses theworld’s entire population,” but which lacks any privileged positionsor “place of power.” *January 2002Imperialism and“Empire”JOHNBELLAMY FOSTERThis article is based ona talk on István Mészáros’ Socialism or Barbarism delivered to the BrechtForum in New York on October 14, 2001.Only a little more than amonth ago at this writing, before September 11, the mass revolt againstcapitalist globalization that began in Seattle in November 1999 and that wasstill gathering force as recently as Genoa in July 2001 was exposing thecontradictions of the system in a way not seen for many years. Yet the peculiarnature of this revolt was such that the concept of imperialism had been all buteffaced, even within the left, by the concept of globalization, suggesting thatsome of the worst forms of international exploitation and rivalry had somehowabated.December 2001Anarchism and theAnti-Globalization MovementBARBARA EPSTEINMany among today’syoung radical activists, especially those at the center of theanti-globalization and anti-corporate movements, call themselves anarchists.But the intellectual/philosophical perspective that holds sway in these circlesmight be better described as an anarchist sensibility than as anarchism per se.Unlike the Marxist radicals of the sixties, who devoured the writings of Leninand Mao, today’s anarchist activists are unlikely to pore over the worksof Bakunin. For contemporary young radical activists, anarchism means adecentralized organizational structure, based on affinity groups that worktogether on an ad hoc basis, and decision-making by consensus. It also meansegalitarianism; opposition to all hierarchies; suspicion of authority,especially that of the state; and commitment to living according to one’svalues. Young radical activists, who regard themselves as anarchists, arelikely to be hostile not only to corporations but to capitalism. Many envisiona stateless society based on small, egalitarian communities. For some, however,the society of the future remains an open question. For them, anarchism isimportant mainly as an organizational structure and as a commitment toegalitarianism. It is a form of politics that revolves around the exposure ofthe truth rather than strategy. It is a politics decidedly in themoment.September 2001A Prizefighter forCapitalism:Paul Krugman vs. the Quebec ProtestersTHEEDITORSA few weeks ago, the New York Times columnist on economics devoted his space to scolding thedemonstrators at the Summit of the Americas in Quebec City, (April 22, 2001,Op-Ed page). The writer, Paul Krugman an MIT professor, is considered by manyto be a leading light of the profession, and a likely candidate for theeconomics Nobel Prize. June 2001 Imperialism andGlobalizationSAMIRAMINThis article is areconstruction from notes of a talk delivered at the World Social Forum meetingin Porto Alegre, Brazil in January 2001.Imperialism is not astage, not even the highest stage, of capitalism: from the beginning, it isinherent in capitalism’s expansion. The imperialist conquest of the planetby the Europeans and their North American children was carried out in twophases and is perhaps entering a third.June 2001The New Economy: Mythand RealityTHEEDITORSIn the last few years theidea of a “New Economy” has gained wide currency, almost rivaling“globalization” as a neologism that characterizes our era. Thus The Economic Report of the President, 2001, begins: “Over the last8 years the American economy has transformed itself so radically that manybelieve we have witnessed the creation of a New Economy.” This New Economyis seen, first and foremost, as consisting of those firms and economic sectorsmost closely associated with the revolution in digital technology and thegrowth of the Internet. The rapid convergence of informationtechnologies—including computers, software, satellites, fiber optics, andthe Internet—has, it is believed, fundamentally altered the economiclandscape. Since the mid-1990s, these revolutionary technological developmentshave, it is argued, spilled over into the wider economy, generating higherproductivity growth, a sustained acceleration of economic growth, lowerunemployment, lower inflation, and an attenuation of the business cycle.April 2001New Economy…SameIrrational EconomyWILLIAM K. TABBWhat can we say about theassertion that there is a “New Economy”? That depends on what we meanby this term. It is nonsense to claim, and few do any more, that the businesscycle has been eliminated or that the contradictions of capitalism have beenresolved. In 2000 we witnessed a massacre of technology and Internet stocksending what many considered the country’s biggest financial mania of thepast hundred years. The NASDAQ lost over half of its value, a paper loss of3.33 trillion dollars, the equivalent of a third of the houses in the UnitedStates sliding into the ocean, as one Wall Street wag tells us. While only afew months ago, all we heard about was the magic of the market and that crisesare the result of bad government policies, whether “crony” capitalismor simply failure to make information available to markets in a full and timelyfashion, and that the new information technology now makes markets even moreefficient; all of this talk is now shown to be the usual exaggeration we findin the up stage of most long expansions. As in the past it disappears as theeconomy weakens. Indeed as inventories pile up the nature of capitalism becomesclear to even the financial press and the politicians.April 2001Toward a NewInternationalismTHEEDITORSThose on the left whohave abandoned all hope in social relations or who, in desperation, have turnedto the idea that only global (no longer national) struggle is now possible andthat we have to think and act in cosmopolitan terms—as a "globalcivil society"—are simply the dialectical twins of those who preachthat globalization has ended all possibility of change. What has reallydisappeared is the kind of middle-ground, mixed economy often lauded in theCold-War years. Social democratic and Keynesian strategies, supposedly theresult of a class accord, are no longer viable under today's globalneoliberalism. But all of this merely points to the need for a much moreradical, universal, internationalist strategy, rooted in national realities andstruggles as the only way forward for the movement.July/August 2000 The Language ofGlobalizationPETERMARCUSEThe distinction betweentechnological globalization and the globalization of power is critical—notonly analytically but also politically. It raises the question, "Whatmight the other possibilities be if the two were separated?" We shouldspeak of the existing combination of technological globalization and theglobalization of power as really existing globalization; that would highlightthe possibilities of an alternative globalization. Opponents of the damagingconsequences of really existing globalization, from left as well as fromliberal perspectives, are divided on the appropriate response to it. The sloganfrom Seattle in regard to the World Trade Organization (WTO)—"fix itor nix it"—and the equivalent suggested in the Washingtondemonstrations in April as to the World Bank and International Monetary Fund(IMF)—"shrink it or sink it"—and the related questionsabout whether we want a seat at the table or a different table or no table atall show an ambivalence about goals. The issues are difficult indeed.July/August 2000 More Form thanSubstance: Press Coverage of the WTO Protests in Seattle WILLIAM S. SOLOMONThe mainstream U.S. newsmedia have been shifting rightward for at least two decades, as their corporateowners enforce tighter ideological conformity. Oliver North and Pat Buchanan,for example, are now regular commentators on television talk shows. And all ofthe media now refer to people as "consumers," cogs in a capitalistmachine. But still, news is less than half as profitable as entertainment, andmedia firms are intensifying pressures on their "news properties" forhigher profits, which means the pursuit of upscale demographics. Owners areremoving journalism's much-vaunted separation of newsroom practices andbusiness decisions, blurring the line between news and entertainment, andforming partnerships with one another to offer online news services. As WilliamGlaberson said in the New York Times in July 1995, "It is nowcommon for publishing executives to press journalists to cooperate with theirnewspapers' `business side,' breaching separations that were said in the pastto be essential for journalistic integrity."May 2000 After Seattle:Understanding the Politics of GlobalizationWILLIAM K. TABBThe "SeattleShock"—as Business Week called it in an editorial that warnedof a popular backlash against "our very economicsystem"—reflects heartfelt indignation by the financial press at theintrusion of mass democracy into an elite discourse. In the New YorkTimes, columnist Thomas Friedman raged at anti-World Trade Organization(WTO) protesters, whom he presents as "flat-earth advocates" duped byknaves like Pat Buchanan. Friedman, perhaps the most obtuse of the big-timecolumnists, complains that "What's crazy is that the protesters want theWTO to become precisely what they accuse it of already being—a globalgovernment.March 2000The World TradeOrganization? Stop World TakeoverWILLIAM K. TABBOn November 30, 1999,when the World Trade Organization (WTO) opened its third round of ministerialmeetings, the three thousand official delegates, two thousand journalists, andother registered observers were greatly outnumbered by the tens of thousands ofprotesters who came from all over the world to denounce the organization... Thestill-growing movement in opposition to efforts of institutions such as the WTOto take over the management of the international economy may well be largerthan any popular protest movement of the last twenty years or more.January 2000Global Economic Crisis,Neoliberal Solutions,and the PhilippinesKIMSCIPESThe economic crisis thathas been affecting the global economy for the last two and a half years startedin East Asia. We've heard story after story about the problems in Thailand,South Korea, Indonesia, Malaysia, China, and even Japan—but we've heardalmost nothing about the situation in the Philippines. Is there something thatthe U.S. government, the International Monetary Fund (IMF), and the World Bankdon't want us to know about the situation there?December 1999 Eras of PowerFRANCES FOX PIVEN and RICHARD A. CLOWARDWe agree with much of theempirical basis for the MR challenge to the new catechisms aboutglobalization and technological change. We agree, for example, with thearguments, made variously by Wood, Tabb, and Henwood in the pages of MonthlyReview, and by Gordon, Zevin, Hirst, and Thompson, and others elsewhere,that the competitive pressures in domestic markets attributed to increasedglobal trade and capital movement have been vastly overstated, especially withregard to the United States, which remains less exposed to international tradeand capital flight than most other rich industrial countries.3 And we also agree that much of this is not reallynew in any case, that international integration characterized earlier periodsof capitalist development, particularly the years before the First WorldWar.But if the system isbasically the same, why is so much changing? In particular, why are class powerrelations changing? The evidence is considerable.January 1998More (or Less) onGlobalizationPAUL M.SWEEZYGlobalization is not acondition or a phenomenon: it is a process that has been going on for a longtime, in fact ever since capitalism came into the world as a viable form ofsociety four or five centuries ago; (dating the birth of capitalism is aninteresting problem but not relevant for present purposes). What is relevantand important, is to understand that capitalism is in its innermost essence anexpanding system both internally and externally. Once rooted, it both grows andspreads. The classic analysis of this double movement is of course Marx's Capital.September 1997 Globalization IsAn Issue, The Power of Capital Is The IssueWILLIAMK. TABBThe globalizationhypothesis asserts that there has been a rapid and recent change in the natureof economic relations among national economies which have lost much of theirdistinct claim to separate internally driven development, and that domesticeconomic management strategies have become ineffective to the point ofirrelevance. Internationalization is, in this view, seen as a tide sweepingover borders in which technology and irresistible market forces transform theglobal system in ways beyond the power of anyone to do much to change.Transnational corporations (TNCs) and global governance organizations, such asthe World Bank and the IMF, enforce conformity on all nations no matter theirlocation or preferences. The corollary to such thinking is that radicalalternatives are not possible, and that in Margaret Thatcher's memorablephrase, TINA, "There is no alternative."June 1997 Allmaterial © copyright 2008 by Monthly Review var gaJsHost = (("https:" == document.location.protocol) ? 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