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Contextualising Organised Labour in Expansion and Crisis: The Case of the US
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Abstract While, as Marx argued, periods of expanded accumulation present the best conditions for increasing working-class living standards, the expansion that began in 1982 was based in large part on the rapid fall in the value of labour-power in the US. This recovery and rapid rise in the rate of surplus-value in the US was enabled by the collapse of union-resistance beginning in 1979 and the strategic choices made by union-leaders across the economy from that time on. The expansion was sustained in the 1980s by dramatic work-reorganisation, enabled by the embrace of labour-management cooperation-schemes by much of the trade-union leadership, and the restructuring of several major industries that undermined the industry-wide bargaining on which rising postwar incomes had been based. Productivity, boosted by lean production-methods, would continue to outstrip real wages up until the ‘Great Recession’ of 2008 and resume again in the wake of a weak recovery in the US. The rapid geographic expansion of capital after 1990 provided new investment-possibilities, as did the explosion of financial instruments. What stands out, however, is that rising productivity, far from providing the basis for increases in working-class income, had become coupled with flat or declining real wages and a fall in the value of labour-power as the necessary condition to sustain almost any level of growth in the real economy. The link between productivity and wage-increases, central to Keynesian and institutional collective-bargaining theory, had been broken and Marx’s idea of the most favourable conditions stood on its head. The breaking of this link had, in the final analysis, been an outcome of class-struggle in which capital had the upper hand. All of this underlines the failed strategies and practices of most of the trade-union leadership in the US since 1979. New approaches to the workplace and broader forms of mobilisation will be needed. Signs of worker-resistance to the latest neoliberal clampdowns in Latin America, Europe, China, and even the US, however, may point to a renewed era of intensified class-struggle.
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Manfredo Tafuri, Fredric Jameson and the Contestations of Political Memory
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Abstract The Italian architectural historian Manfredo Tafuri (1935–94) developed a distinctive Marxist approach of critical analysis, which has prompted extensive responses. The reception of his work in the United States in the 1970s and 80s – the intervention of Fredric Jameson, especially – forms an important moment of historiographical mutation, in which the status of Tafuri’s politics holds an intriguing place: it was eviscerated in the very act of its affirmation. At stake is not simply the problems attending the transatlantic migration of a body of architectural theory, but also a question lying at the heart of Tafuri’s analysis: the problems of achieving social reforms, above all, in ‘working-class housing’. The difficulties encountered by projects to improve accommodation – from Weimar Germany and Red Vienna in the 1920s to the programmes of postwar Italy – provide the concrete material for Tafuri’s analysis while remaining a significant blind-spot within most of the commentary. Tafuri is here reappraised in the light of the political debates over the ‘neorealist architecture’ of the 1950s and the reform-policies of the Italian centre-Left in the early 1960s. Proceeding as if this formative moment never happened, Tafuri’s critics often engage in debates which confuse his critique of the building projects with political despair, and which appeal to enclave-building despite Tafuri’s explicit questioning of such strategies.
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Monetisation and the Genesis of the Western Subject
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Abstract This paper searches early Greek texts (Homer, Herakleitos, Parmenides, Plato) for the genesis of the idea of the individual mind or soul as a unitary site of consciousness, and explores the relation of this genesis to the first monetisation in history. Money simultaneously promotes the isolated autonomy of the individual and provides a model (the unification of diversity by semi-abstract substance) that shapes both the unity of individual consciousness and the presocratic conception of the cosmos as constituted by a single semi-abstract substance. The argument confirms and develops the importance accorded by Alfred Sohn-Rethel to the ‘real abstraction’ of commodity-exchange in the origins of Greek philosophy.
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Derivatives and Capitalist Markets: The Speculative Heart of Capital
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Abstract Financial derivatives have been singled out as the major villain in the latest crisis, particularly through speculative trading by banks. Yet little attention has been paid to the fundamental rôle that derivatives play in modern capitalism. Even less has there been a focus on how the boom in derivatives-trading was prompted by the crisis of profitability and capital-accumulation. This article shows that while derivatives were one means by which speculation took off, the momentum behind this was driven by low profitability. That was why banks turned their mortgage-loans into derivative-driven securities, why pension-funds placed bets on commodity-futures and why countries such as Greece used derivatives to hide the real state of their finances. Derivatives helped determine the form and magnitude of the crisis, but were not its underlying cause. Proposed reforms of the derivatives-market ignore the fundamental determinants of the financial crisis, assuming it to be a failure of regulation.
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Fascism as a Mass-Movement: Translator’s Introduction
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Abstract This Introduction to Rosenberg’s essay starts with a brief synopsis of his life, then summarises the key arguments of the essay itself before looking briefly at the twin issues of the social base of the fascist parties (wider than just the ‘petty bourgeoisie’) and the passive complicity/compliance of ‘ordinary Germans’, as the literature now terms whole sectors of the civilian population that were defined by their apathy or moral indifference to the horrors of the Nazi state.
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Fascism as a Mass-Movement (1934)
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Abstract Arthur Rosenberg’s remarkable essay, first published in 1934, was probably the most incisive historical analysis of the origins of fascism to emerge from the revolutionary Left in the interwar years. In contrast to the official Comintern line that fascism embodied the power of finance-capital, Rosenberg saw fascism as a descendant of the reactionary mass-movements of the late-nineteenth century. Those movements encompassed a new breed of nationalism that was ultra-patriotic, racist and violently opposed to the Left, and prefigured fascism in all these ways. What was distinctive about the fascists in Italy and Germany was not so much their ideology (a pastiche of motifs that drew on those earlier traditions of the conservative and radical Right) as the use of stormtroopers to wage the struggle against democracy in more decisive and lethal ways. After the broad historical sweep of its first part, the essay looks at the factors that were peculiar to the Italian and German situations respectively, highlighting both the rôle of the existing authorities in encouraging the fascists and the wider class-appeal of the fascist parties themselves, beyond any supposed restriction to the middle-class or ‘petty bourgeoisie’.
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Plato’s The Republic, Book XI Editorial Introduction
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Abstract In this newly edited Book XI of Plato’s Republic, to be considered as the authentic conclusion of the dialogue, Socrates meets a Stranger from Trier, and discusses with him the questions of social reform, power and future revolutions.
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The Republic, Book XI
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Commonwealth, Michael Hardt and Antonio Negri, Cambridge, MA.: Belknap-Harvard, 2009
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Abstract Commonwealth is the third book co-authored by Michael Hardt and Antonio Negri. As with the previous two books, Empire and Multitude, the task of this book is to both critique the present order and provide the concepts for a radical transformation of that order. This review examines how this third, and final book in the series, changes the argument of the other two, specifically examining the rôle that the concept of the common plays in restructuring the idea of critique, politics, and political economy.
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Capitalist Realism: Is There No Alternative?, Mark Fisher, Winchester: Zero Books, 2009
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Abstract Mark Fisher’s Capitalist Realism: Is There No Alternative? is a provocative polemical analysis of the narrowing of political horizons that has occurred over the past couple of decades and of the powerful ideological grip that capitalism holds on the collective, social psyche, destroying our capacity to imagine political alternatives. Fisher seeks to illuminate the major cultural and social effects of a post-Cold War politico-ideological condition in which (according to Žižek’s well-known observation) ‘it is easier to imagine the end of the world than it is to imagine the end of capitalism’. Building on this analysis, Fisher identifies some key tensions and contradictions in the ideological armour of contemporary capitalism and extrapolates from this some tentative strategic propositions for the anticapitalist Left. This review-article argues that, while Fisher’s book provides valuable conceptual and strategic resources for the Left, it is hamstrung by several weaknesses – not the least of these a tendency to make unconvincing, sweeping claims about the novelty and distinctness of what Fisher terms ‘capitalist realism’ and a tendency to present a caricature of current left-wing thinking.
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Decentering Rushdie: Cosmopolitanism and the Indian Novel in English, Pranav Jani, Columbus: Ohio State University Press, 2010
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Abstract Decentering Rushdie argues that postcolonial studies has consistently underestimated the investment of the English-language Indian novel in the nation by focusing on a handful of texts that conform to Western assumptions about the bankruptcy of the postcolonial nation-state. Taking Salman Rushdie’s work as the sign of a presumed homology between postcolonialism and a postmodern distrust of totality, Jani demonstrates that his novels are hardly representative of the range of Indian writing in English. Instead, in a series of expert readings of less well-known texts, he demonstrates the commitment to the decolonising project that exists even within the inevitably cosmopolitan worldview of Indians writing in a colonial language. Situating his work within foundational debates in postcolonial studies, this review demonstrates the fresh light he sheds on the vexed relations among historical location, political ideology and literary form.
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The Path Not Taken: French Industrialization in the Age of Revolution, 1750–1830, Jeff Horn, Cambridge, MA.: MIT Press, 2006
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Abstract Eschewing a Marxist interpretation of the French Revolution, Jeff Horn’s work is nonetheless interesting in stressing the widespread prevalence of machine-breaking by workers in France as compared to England during industrialisation. Likewise notable is Horn’s argument that the resultant state-intervention forced France onto a path of industrialisation which differed from England’s and which has been underestimated. Breaking with the revisionist consensus, Horn further demonstrates that the effect of the Revolution was positive for French economic development. Refreshing in its stress on working-class militancy, Horn’s work nonetheless exaggerates the influence of machine-breaking on French economic change as compared to other forms of working-class struggle, the slow pace of primitive accumulation and the resistance to industrialisation by small-scale urban producers.
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Rosa Luxemburg and the Critique of Political Economy, edited by Riccardo Bellofiore, London: Routledge, 2009
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Abstract This review-essay discusses the contributions to Ricardo Bellofiore’s book Rosa Luxemburg and the Critique of Political Economy in their respective historical and theoretical contexts. A key goal of the book is to establish Luxemburg’s work as a ‘macro-monetary class approach’, which means linking an economic outlook on effective demand and finance with a political focus on class-struggles in the domestic and international arenas. This approach marks a significant, and positive, departure from widespread interpretations that separate Luxemburg’s political theory from her economic theory. Given the apparent limits of neoliberal globalisation it is also a very timely approach that can help us to understand the current conjuncture of economic and political crises. Bellofiore’s book offers a useful framework for such analysis but focuses much more on economic theory than on politics and the historical developments of global capitalism. To fully exploit the potential of Luxemburg’s political economy, complementary work on these latter two aspects has to be done.
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Conjuncture, politico-historical
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Notes on Contributors
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Erratum
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Back Issues
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