Mar 25 2009
This diary will attempt to address the current economic debate in light of the general analysis of the system presented by John Bellamy Foster in his piece in the March Monthly Review, titled “A Failed System: The World Crisis of Capitalist Globalization and its Impact on China.” Foster is, I would argue, correct, without really being all that proactive. I will conclude this diary with a couple of suggestions on how to read Foster and on what to do.
(crossposted at Big Orange)
Mar 24 2009
This is a review piece on Peter Gowan’s article “Crisis in the Heartland” in the Jan./Feb. 2009 issue of the New Left Review, in light of the significant number of diaries upon the most recent “toxic assets” plan of Treasury Secretary Geithner and in light of the foregrounding of Gowan’s article in the weblog Feral Scholar. Perhaps the most meaningful way to resolve economic debates is to go back through history to examine what happened. This is a diary about why the current economic crisis has happened. Mainstream economics is typically obsessed with the present-day, at the expense of a longer view, and this is precisely what Gowan hoped to circumvent.
(crossposted at Big Orange)