Neoliberalism and Winners and Losers of International Debt Crises Tayab Mahmud Seattle University School of Law

Total Page:16

File Type:pdf, Size:1020Kb

Neoliberalism and Winners and Losers of International Debt Crises Tayab Mahmud Seattle University School of Law Loyola University Chicago Law Journal Volume 42 Article 4 Issue 4 Summer 2011 2011 Is It Greek or déjà vu all over again?: Neoliberalism and Winners and Losers of International Debt Crises Tayab Mahmud Seattle University School of Law Follow this and additional works at: http://lawecommons.luc.edu/luclj Part of the Law Commons Recommended Citation Tayab Mahmud, Is It Greek or déjà vu all over again?: Neoliberalism and Winners and Losers of International Debt Crises, 42 Loy. U. Chi. L. J. 629 (2011). Available at: http://lawecommons.luc.edu/luclj/vol42/iss4/4 This Article is brought to you for free and open access by LAW eCommons. It has been accepted for inclusion in Loyola University Chicago Law Journal by an authorized administrator of LAW eCommons. For more information, please contact [email protected]. Is it Greek or deji&vu all over again?: Neoliberalism and Winners and Losers of International Debt Crises Tayyab Mahmud* The global financial meltdown and the Great Recession of 2007- 2009 have brought into sharp relief the uneven distribution of gain and pain during economic crises. The 2009-2010 debt crisis in Greece resulted in a windfall for financial institutions at the expense of taxpayers, a rollback of welfare systems, and the impoverishment of the working classes. This outcome is consistent with the pattern that has emerged in the international debt crises of the last three decades, including the Latin American crisis during the 1980s and the Asian crisis during the 1990s. The recurrent internationaldebt crises of the last three decades and the resulting transfers of wealth from the poor to the rich are the products of the neoliberal restructuring of economies that aims to rollback the gains made by the working classes under the Keynesian welfare compromise and to establish the hegemony of finance capital. These neoliberalobjectives have been facilitatedby an extensive refashioning of the U.S. and internationalregulatory regimes resulting in financialization of the global economy and unbridled internationalmobility of finance capital. Global financial institutions channeled excess global liquidity in ways that created unsustainable international debts, which consistently resulted in international debt crises. These crises were then managed to further advance neoliberal prescriptionsfor globalfinance and nationaleconomies. The end result of this refashioning of regulatory regime is the transfer of wealth from the poor to the rich, further impoverishment of working classes, and * Professor of Law and Director, Center for Global Justice, Seattle University School of Law. Earlier versions of this paper were presented at Class Crits Workshop at University at Buffalo Law School, Cleveland-Marshall College of Law, LatCrit XV Conference in Denver, Loyola University of Chicago School of Law, University of Oregon School of Law, and Seton Hall Law School. I want to thank Robert Ashford, Jaswinder S. Brara, Timothy Canova, Angelin Chang, Larry Meacham, Steven Ramirez, Darren Rosenblum, and Steven R. Smith for their thoughtful comments on earlier drafts. Setareh Mahmoodi, Student Fellow at the Center for Global Justice, and research librarians at Seattle University School of Law provided invaluable assistance with this project as well. 629 630 Loyola University Chicago Law Journal [Vol. 42 enhanced power of finance capital. A collective moratorium on debt servicing by the Global South is a viable path towards a new global financial order that is sustainableand gives human beings priority over capital. TABLE OF CONTENTS I. INTRODUCTION. ................................. ..... 631 II. APPEASING THE BOND GODS: A MODERN GREEK TRAGEDY ........... 639 III. BRETTON WOODS SYSTEM AND ITS COLLAPSE ........ .......... 654 IV. NEOLIBERAL COUNTERREVOLUTION ...................... 661 A. The Idea, the Road-Tests, and the Launch ................ 661 B. Financialization and the Myth of Deregulation .... ..... 668 C. Scorecard of Neoliberal Re-regulation .............. 677 D. Transforming the IMF into the Global Enforcer of Neoliberalism .............................. 683 V. INTERNATIONAL DEBT CRISES AND ACCUMULATION BY DISPOSSESSION ............................... ..... 687 A. Latin America: From Petroleum to Tequila.. .......... 687 B. Asian Flu and the Second Opium War ............... 693 C. Argentina: The Darling of the IMF Defaults . .......... 704 VI. CONCLUSION ................................ ...... 710 2011] Is it Greek or d6ji vu all over again? 631 "Rule one: Never allow a crisis to go to waste. They are opportunities to do big things." - Rahm Emanuel, Former White House Chief of Staff' "Bankers have a bad habit of making economic cycles worse. They are notorious for lending people umbrellas when the sun is shining and asking for them back when rain starts to fall." - The Economist2 "We live again in a two-superpower world. There is the U.S. and there is Moody's. The U.S. can destroy a country by leveling it with bombs; Moody's can destroy a country by downgrading its bonds." - Thomas Friedman3 I. INTRODUCTION The world is awash with money,4 but two-fifths of humanity remains without access to a bank account, much less a line of credit.5 While captains of finance capital bemoan an Asian "savings glut" 6 and "liquidity glut,"7 nearly three billion people struggle to survive on less 1. Jeff Zeleny, Obama Reviewing Bush's Use ofExecutive Powers, N.Y. TIMES, Nov. 9, 2008, at A19 (quoting Rahm Emanuel in an interview regarding the crisis in the U.S. auto industry). 2. Joseph and the Amazing Technicalities, ECONOMIST, Apr. 26, 2008, at 18. 3. Thomas L. Friedman, Don't Mess with Moody's, N.Y. TIMES, Feb. 22, 1995, at A19. 4. In April 2010, the global foreign exchange market had a daily turnover of USD 4 trillion. Global Foreign-ExchangeMarket, ECONOMIST (Sept. 2, 2010), http://www.economist.com/node/ 16945118?storyid=16945118&fsrc=rss (last visited Feb. 6, 2011). The total daily global financial transactions increased from USD 2.3 billion in 1983 to USD 130 billion in 2001. This USD 40 trillion annual turnover compares with USD 800 billion needed to support international trade and productive investment flows. See PETER DICKEN, GLOBAL SHIFT: RESHAPING THE GLOBAL ECONOMIC MAP IN THE 21ST CENTURY 32-82 (4th ed. 2003). In 2006, on the eve of the global financial meltdown and the Great Recession of 2007-2009, while the entire world output was USD 47 trillion, market capitalization was USD 51 trillion, total international banking assets were USD 29 trillion, and domestic and international bonds were USD 68 trillion. NIALL FERGUSON, THE ASCENT OF MONEY: A FINANCIAL HISTORY OF THE WORLD 4-5, 62 (2008). In December 2007, the face value of all over-the-counter derivatives was over USD 596 trillion, with a market value of USD 14.5 trillion. Id. at 228. Nearly 90 percent of international financial flows represent speculative and hedging behavior. L. Randall Wray, Monetary Theory and Policy for the Twenty-first Century, in POLITICAL ECONOMY FOR THE 21ST CENTURY: CONTEMPORARY VIEWS ON THE TRENDS OF ECONOMICS 125, 139 (Charles J. Whalen ed., 1996). 5. FERGUSON, supra note 4, at 281. 6. Ben S. Bernanke, Governor, Fed. Reserve Bd., Homer Jones Lecture: The Global Savings Glut and the U.S. Current Account Deficit (St. Louis, Missouri, Apr. 14, 2005), available at http://www.federalreserve.gov/boarddocs/speeches/2005/20050414/default.htm. 7. Alan Greenspan, The Fed Didn't Cause the Housing Bubble, WALL ST. J., Mar. 11, 2009, at 632 Loyola University Chicago Law Journal [Vol. 42 than two dollars a day.8 The global financial crisis of our era may be "a transformative moment in global economic history whose ultimate resolution will likely reshape politics and economics for at least a generation." 9 The magnitude of the crisis and the largest shrinking of world output since the Great Depression lend new urgency to Karl Polanyi's admonition: "Only a madman would have doubted that the international economic system was the axis of the material existence of the human race."10 The International Labor Organization ("ILO") estimates that the downturn has cost over fifty million lost jobs worldwide,II while the United Nations ("UN") measures the share of the "working poor" in the labor force in developing countries to have increased to 64 percent.12 Up to eighty-four million people will remain poor or fall into extreme poverty due to the crisis. 13 The global losses in the financial sector alone exceed USD 3.4 trillion, 14 and the bill for public rescue of financial institutions worldwide is USD 20 trillion.15 The long-term total potential cost of the rescue of finance capital by U.S. taxpayers alone is estimated at USD 23.7 trillion--over 150 percent of U.S. gross domestic product ("GDP").16 Much more pain may be on its way. The average GDP Al5. 8. Fast Facts: The Faces of Poverty, UNITED NATIONS MILLENNIUM PROJECT (2006), http:// www.unmillenniumproject.org/resources/fastfactse.htm (last visited Mar. 7, 2011). 9. CARMEN M. REINHART & KENNETH S. ROGOFF, THIS TIME Is DIFFERENT: EIGHT CENTURIES OF FINANCIAL FOLLY 208 (2009). 10. KARL POLANYI, THE GREAT TRANSFORMATION: THE POLITICAL AND ECONOMIC ORIGINS OF OUR TIME 18 (Beacon Press 2d ed. 2001) (1944). 11. Nelson D. Schwartz, Unemployment Surges Around the World, Threatening Stability, N.Y. TIMES, Feb. 15, 2009, at Bl. 12. UNITED NATIONS DEP'T ECON. & SOC. AFFAIRS, WORLD ECONOMIC SITUATION AND PROSPECTS 2010, at v (2010) [hereinafter DESA 2010 REPORT], available at http://www.un.org/ en/development/desa/policy/wesp/wesp archive/20 1 Owesp.pdf. 13. Id. at vi. 14. INT'L MONETARY FUND [IMF], GLOBAL FINANCIAL STABILITY REPORT: NAVIGATING THE CHALLENGES AHEAD 5 (Oct. 2009), available at http://www.imf.org/external/pubs/ft/gfsr/ 2009/02/pdf/text.pdf. 15. DESA 2010 REPORT, supra note 12, at xii-xiii. 16. SIMON JOHNSON & JAMES KWAK, 13 BANKERS, THE WALL STREET TAKEOVER AND THE NEXT FINANCIAL MELTDOWN 174 (2010) (quoting the Special Inspector of the Trouble Asset Relief Program).
Recommended publications
  • Modern Intellectual History
    0RGHUQ,QWHOOHFWXDO+LVWRU\ KWWSMRXUQDOVFDPEULGJHRUJ0,+ $GGLWLRQDOVHUYLFHVIRU0RGHUQ,QWHOOHFWXDO+LVWRU\ (PDLODOHUWV&OLFNKHUH 6XEVFULSWLRQV&OLFNKHUH &RPPHUFLDOUHSULQWV&OLFNKHUH 7HUPVRIXVH&OLFNKHUH 7+($&&,'(17$/0$5;,67$1'5(*81'(5)5$1.$1'7+( ³1(20$5;,67´7+(25<2)81'(5'(9(/230(17± &2'<67(3+(16 0RGHUQ,QWHOOHFWXDO+LVWRU\)LUVW9LHZ$UWLFOH$SULOSS '2,63XEOLVKHGRQOLQH$SULO /LQNWRWKLVDUWLFOHKWWSMRXUQDOVFDPEULGJHRUJDEVWUDFWB6 +RZWRFLWHWKLVDUWLFOH &2'<67(3+(167+($&&,'(17$/0$5;,67$1'5(*81'(5)5$1.$1' 7+(³1(20$5;,67´7+(25<2)81'(5'(9(/230(17± 0RGHUQ,QWHOOHFWXDO+LVWRU\$YDLODEOHRQ&-2GRL 6 5HTXHVW3HUPLVVLRQV&OLFNKHUH 'RZQORDGHGIURPKWWSMRXUQDOVFDPEULGJHRUJ0,+,3DGGUHVVRQ0D\ Modern Intellectual History,page1 of 32 C Cambridge University Press 2016 ! doi:10.1017/S1479244316000123 the accidental marxist: andre gunder frank and the “neo-marxist” theory of underdevelopment, 1958–1967 cody stephens Department of History, University of California–Santa Barbara E-mail: [email protected] Based on newly available archival records, this article examines the life and thought of Andre Gunder Frank from his years as a graduate student in development economics to the publication of his first and most influential book. A closer look at the evolution of Frank’s thought provides new insight into the relationship of his brand of “neo-Marxist” development theories with both classical Marxism and modernization theory. Frank interpreted Marxist political debates according to the categories of thought of 1950s American development economics, and in doing so he both misinterpreted fundamental aspects of Marxism and simultaneously generated lively theoretical debates that remain relevant today. Paul Sweezy thought Andre Gunder Frank’s Capitalism and Underdevelopment in Latin America (hereafter CU)wouldbeabighit.AstheheadofMonthlyReview Press, a small but important publishing operation held together largely by his own efforts, Sweezy had to choose carefully the projects on which he would expend his and his small staff’s limited time and energy.
    [Show full text]
  • The Politics of Market Reform Altering State Development Policy in Southern Africa
    ASPJ Africa & Francophonie - 3rd Quarter 2013 The Politics of Market Reform Altering State Development Policy in Southern Africa SHAUKAT ANSARI* Introduction outh Africa’s transition from a racially exclusive apartheid state to a liberal democracy—referred to as a “double transition” to denote the economic dynamics behind the political transformation—has attracted the attention of a substantial number of researchers from a variety of disciplines.1 The topic of radical transformation in the African NationalS Congress’s (ANC) official position on state developmental policy has aroused perhaps the greatest interest among scholars. Prior to 1994, few observers would have predicted that the white minority in South Africa would relinquish its formal rule predicated on racial domination while avoiding the initiation of structural transformations involving a fundamen- tal reorientation of existing social relations. Yet, the end of apartheid and the liberation movement’s victory did not result in the transformation of capitalist social-property relations. In fact, upon taking power, the ANC implemented a homegrown, neoliberal structural adjustment program that opened South Africa to foreign economic interests and propelled the coun- try down a path of market liberalization. Explanations offered by scholars to account for this policy shift within the ANC can be roughly divided into two competing models. According to the first one, the South African government’s ability to maneuver was se- verely restricted by structural constraints imposed by international and domestic business interests in a post–Cold War environment. The fact that *The author is a doctoral candidate at the University of Toronto in the Department of Political Science.
    [Show full text]
  • 1 Introduction: Why Geopolitical Economy?
    1 INTRODUCTION: WHY GEOPOLITICAL ECONOMY? The owl of Minerva, Hegel once remarked, takes wing at dusk. Knowledge results from reflection after the tumult of the day. This gloomy view may be too sweeping, but it certainly applies to the multipolar world order. Influential figures began hailing it in the wake of the 2008 financial crisis and the Great Recession. The American president of the World Bank spoke of ‘a new, fast-evolving multi-polar world economy’ (World Bank, 2010). Veteran international financier George Soros predicted that ‘the current financial crisis is less likely to cause a global recession than a radical realignment of the global economy, with a relative decline of the US and the rise of China and other countries in the developing world’ (2008). However, the multipolar world order was much longer in the making. Developments of this magnitude simply don’t happen overnight even in a crisis (though, as we shall see, emerging multipolarity was a decisive factor in causing it), and this has important implications for prevailing understandings of the capitalist world order. Recent accounts stressed its economic unity: globalization conceived a world unified by markets alone while empire proposed one unified by the world’s most powerful – ‘hegemonic’ or ‘imperial’ (the terms tended to be used interchangeably) – state. They also assumed either that nation-states were not relevant to explaining the world order (globalization), or that only one, the United States, was (empire). We can call these views cosmopolitan, a term the Oxford English Dictionary defines as ‘not restricted to any one country or its inhabitants’ and ‘free from national limitations or attachments’.
    [Show full text]
  • The Narrative Functions of Television Dreams by Cynthia A. Burkhead A
    Dancing Dwarfs and Talking Fish: The Narrative Functions of Television Dreams By Cynthia A. Burkhead A Dissertation Submitted in Partial Fulfillment of the Requirements for the Ph.D. Department of English Middle Tennessee State University December, 2010 UMI Number: 3459290 All rights reserved INFORMATION TO ALL USERS The quality of this reproduction is dependent upon the quality of the copy submitted. In the unlikely event that the author did not send a complete manuscript and there are missing pages, these will be noted. Also, if material had to be removed, a note will indicate the deletion. UMT Dissertation Publishing UMI 3459290 Copyright 2011 by ProQuest LLC. All rights reserved. This edition of the work is protected against unauthorized copying under Title 17, United States Code. ProQuest LLC 789 East Eisenhower Parkway P.O. Box 1346 Ann Arbor, Ml 48106-1346 DANCING DWARFS AND TALKING FISH: THE NARRATIVE FUNCTIONS OF TELEVISION DREAMS CYNTHIA BURKHEAD Approved: jr^QL^^lAo Qjrg/XA ^ Dr. David Lavery, Committee Chair c^&^^Ce~y Dr. Linda Badley, Reader A>& l-Lr 7i Dr./ Jill Hague, Rea J <7VM Dr. Tom Strawman, Chair, English Department Dr. Michael D. Allen, Dean, College of Graduate Studies DEDICATION First and foremost, I dedicate this work to my husband, John Burkhead, who lovingly carved for me the space and time that made this dissertation possible and then protected that space and time as fiercely as if it were his own. I dedicate this project also to my children, Joshua Scanlan, Daniel Scanlan, Stephen Burkhead, and Juliette Van Hoff, my son-in-law and daughter-in-law, and my grandchildren, Johnathan Burkhead and Olivia Van Hoff, who have all been so impressively patient during this process.
    [Show full text]
  • Alan Stuart Blinder February 2020
    CURRICULUM VITAE Alan Stuart Blinder February 2020 Address Department of Economics and Woodrow Wilson School of Public & International Affairs 284 Julis Romo Rabinowitz Building Princeton University Princeton, NJ 08544-1021 Phone: 609-258-3358 FAX: 609-258-5398 E-mail: blinder (at) princeton (dot) edu Website : www.princeton.edu/blinder Personal Data Born: October 14, 1945, Brooklyn, New York. Marital Status: married (Madeline Blinder); two sons and four grandchildren Educational Background Ph.D., Massachusetts Institute of Technology, l97l M.Sc. (Econ.), London School of Economics, 1968 A.B., Princeton University, summa cum laude in economics, 1967. Doctor of Humane Letters (honoris causa), Bard College, 2010 Government Service Vice Chairman, Board of Governors of the Federal Reserve System, 1994-1996. Member, President's Council of Economic Advisers, 1993-1994. Deputy Assistant Director, Congressional Budget Office, 1975. Member, New Jersey Pension Review Committee, 2002-2003. Member, Panel of Economic Advisers, Congressional Budget Office, 2002-2005. Honors Bartels World Affairs Fellow, Cornell University, 2016. Selected as one of 55 “Global Thought Leaders” by the Carnegie Council, 2014. (See http://www.carnegiecouncil.org/studio/thought-leaders/index) Distinguished Fellow, American Economic Association, 2011-. Member, American Philosophical Society, 1996-. Audit Committee, 2003- Fellow, American Academy of Arts and Sciences, 1991-. John Kenneth Galbraith Fellow, American Academy of Political and Social Science, 2009-. William F. Butler Award, New York Association for Business Economics, 2013. 1 Adam Smith Award, National Association for Business Economics, 1999. Visionary Award, Council for Economic Education, 2013. Fellow, National Association for Business Economics, 2005-. Honorary Fellow, Foreign Policy Association, 2000-. Fellow, Econometric Society, 1981-.
    [Show full text]
  • Globalización Económica Y Crisis Americana. Comentario a Partir De
    Carles Manera Globalizacion´ economica´ y crisis americana. Comentario a partir de Robert Brenner y Joseph Stiglitz • CARLES MANERA Universitat de les Illes Balears El fenomeno´ de la «nueva» globalizacion´ –para oponerlo a la «vieja», que los histo- riadores economicos´ identificamos a fines del siglo XIX– esta´ generando una abundante bibliograf´ıa que pretende explicar, desde angulos´ diversos, la articulacion´ de la econom´ıa capitalista en un periodo que se considera «readaptativo». De entre ese ingente material, imposible de resenar,˜ cabe destacar las aportaciones de dos expertos que son bien conoci- dos por economistas e historiadores, habida cuenta sus contribuciones espec´ıficas tiempo atras.´ Me refiero a sendos libros firmados por el profesor de la Universidad de Columbia y Premio Nobel de Econom´ıa, J. Stiglitz (Los felices 90. La semilla de la destruccion´ ) y por el director del Center for Social Theory and Comparative History de UCLA, R. Brenner (La expansion´ economica´ y la burbuja bursatil´ ), al que siempre hemos relacionado con el famoso debate de la transicion´ del feudalismo al capitalismo –amen´ de su magn´ıfico trabajo sobre los comerciantes ingleses del siglo XVII–, y que fue ampliamente citado por la rica controversia que mantuvo con el marxismo mas´ circulacionista, encarnado primero en P. Sweezy y, despues,´ en I. Wallerstein. Valga esta precision´ para que el lector sepa que no nos referimos a un homonimo,´ sino que estamos ante el genuino Brenner, que ha dejado aparcadas –por el momento, al menos– sus teor´ıas sobre los procesos economi-´ cos en sociedades preindustriales para dar paso, con identicos´ br´ıos, a nuevos materiales e interpretaciones que afectan, sobre todo, a las contradicciones presentes de la econom´ıa mundial.
    [Show full text]
  • In the Supreme Court of Texas ______
    FILED 21-0463 6/3/2021 11:17 PM tex-54090915 SUPREME COURT OF TEXAS BLAKE A. HAWTHORNE, CLERK NO. ______________ _________________________________________ In the Supreme Court of Texas _________________________________________ IN RE LUCKYGUNNER, LLC, RED STAG FULFILLMENT, LLC, MOLLENHOUR GROSS, LLC, JORDAN MOLLENHOUR, AND DUSTIN GROSS, Relators __________________________________________________________________ Original Proceeding from County Court at Law No. 3 at Galveston County, Texas, Consolidated Cause No. CV-0081158, the Honorable Jack Ewing __________________________________________________________________ PETITION FOR WRIT OF MANDAMUS __________________________________________________________________ A.M. “Andy” Landry III Gray Reed & McGraw LLP State Bar No. 11868750 1300 Post Oak Blvd., Suite 2000 Greg White Houston, Texas 77056 State Bar No. 21329050 (713) 986-7000 (Telephone) Kelly H. Leonard (713) 986-7100 (Fax) State Bar No. 24078703 Email: [email protected] Email: [email protected] Email: [email protected] Andrew A. Lothson (PHV forthcoming) Swanson, Martin & Bell LLP 330 North Wabash, Suite 3300 Chicago, Illinois 60611 (312) 321-9100 (Telephone) (312) 321-0990 (Fax) Email: [email protected] ATTORNEYS FOR RELATORS TEMPORARY RELIEF REQUESTED ORAL ARGUMENT REQUESTED IDENTITIES OF PARTIES AND COUNSEL Relators LuckyGunner, LLC, Red Stag Fulfillment, LLC, Mollenhour Gross LLC, Jordan Mollenhour, Dustin Gross (collectively, the “Defendants”) Trial Counsel Gray Reed & McGraw LLP A.M. “Andy” Landry III Kelly Leonard 1300 Post Oak Blvd., Suite 2000 Houston, Texas 77056 (713) 986-7000 (Telephone) (713) 986-7100 (Fax) Email: [email protected] Email: [email protected] Swanson, Martin & Bell LLP Andrew A. Lothson (PHV) 330 North Wabash, Suite 3300 Chicago, Illinois 60611 (312) 321-9100 (Telephone) (312) 321-0990 (Fax) Email: [email protected] Douglas T. Gosda Manning, Gosda & Arredondo, L.L.P.
    [Show full text]
  • Marxism and the Solidarity Economy: Toward a New Theory of Revolution
    Class, Race and Corporate Power Volume 9 Issue 1 Article 2 2021 Marxism and the Solidarity Economy: Toward a New Theory of Revolution Chris Wright [email protected] Follow this and additional works at: https://digitalcommons.fiu.edu/classracecorporatepower Part of the Political Science Commons Recommended Citation Wright, Chris (2021) "Marxism and the Solidarity Economy: Toward a New Theory of Revolution," Class, Race and Corporate Power: Vol. 9 : Iss. 1 , Article 2. DOI: 10.25148/CRCP.9.1.009647 Available at: https://digitalcommons.fiu.edu/classracecorporatepower/vol9/iss1/2 This work is brought to you for free and open access by the College of Arts, Sciences & Education at FIU Digital Commons. It has been accepted for inclusion in Class, Race and Corporate Power by an authorized administrator of FIU Digital Commons. For more information, please contact [email protected]. Marxism and the Solidarity Economy: Toward a New Theory of Revolution Abstract In the twenty-first century, it is time that Marxists updated the conception of socialist revolution they have inherited from Marx, Engels, and Lenin. Slogans about the “dictatorship of the proletariat” “smashing the capitalist state” and carrying out a social revolution from the commanding heights of a reconstituted state are completely obsolete. In this article I propose a reconceptualization that accomplishes several purposes: first, it explains the logical and empirical problems with Marx’s classical theory of revolution; second, it revises the classical theory to make it, for the first time, logically consistent with the premises of historical materialism; third, it provides a (Marxist) theoretical grounding for activism in the solidarity economy, and thus partially reconciles Marxism with anarchism; fourth, it accounts for the long-term failure of all attempts at socialist revolution so far.
    [Show full text]
  • Tables of Contents These Are EFJ Issues for Which Tables of Contents Are Available
    Ewing Family Journal – Tables of Contents These are EFJ issues for which Tables of Contents are available. Except for the most current issues, Journal issues are available as PDF files at the Journal site. Volume 11 (2005) Volume 12 (2006) Volume 13 (2007) Volume 14 (2008) Volume 15 (2009) Volume 16 (2010) Volume 17 (2011) Volume 18 (2012) Volume 19 (2013) Volume 20 (2014) Volume 21 (2015) Volume 22 (2016) Volume 23 (2017) Volume 24 (2018) Volume 25 (2019) Volume 26 (2020) Volume 27 (2021) Special 2008 (Original Title: Journal of Clan Ewing) Volume 11 – November 2005 – Number 4 FROM THE DESK OF THE CHANCELLOR....George Ewing...........................3 MESSAGE FROM THE CHAIRMAN.................David Ewing.............................4 MEMBERSHIP NEWS……………………..Bob Johnson.....................................5 DEATH....................................................................................................................5 MAKING CONNECTIONS IN FORT WAYNE…Beth Ewing Toscos..................6 SCOTLAND & IRELAND..............................Barb McGuiness.........................7, 8 WHO ARE OUR SCOTTISH ANCESTORS?.......Jim McMichael..................9-12 COTCH IRISH PIONEERS IN ULSTER AND AMERICA..........................13, 14 EWING SURNAME Y-DNA Project..................David Ewing.....................15 – 20 NEW EWING BOOK…………………………….Gerald Ewing........................21 INDEX...................................................................................................................22 2006 FT. WAYNE, IND GATHERING SCHEDULE..............................back
    [Show full text]
  • Understanding the Greenspan Standard
    Commentary: Understanding the Greenspan Standard John B. Taylor No matter what metric you use, the Greenspan era gets exceedingly high marks for economic performance. The era always will be remembered for its price stability—with declining and now low, stable inflation—and for its economic stability—with only two historically short, mild recessions and three long expansions. An indi- cation of how different things are in the Greenspan era is that the current expansion is already one of the longest in American history. Alan Blinder and Ricardo Reis have provided us with a comprehen- sive evaluation of the Greenspan era, shedding light on key policy issues and controversies. I particularly liked their behind-the-scenes review of the move toward greater transparency. And I agree with their overall evaluation of Alan Greenspan that “when the score is toted up, we think he has legitimate claim to be the greatest central banker who ever lived.” Evaluating policy with a monetary policy rule The core of the Blinder-Reis paper is an evaluation of monetary policy through the lens of a policy rule, in particular the Taylor rule. Blinder and Reis find that this rule fits the Greenspan era very well. 107 108 John B. Taylor They then use the estimated rule for a number of purposes. They use it to identify key episodes, defined as the deviations from the rule. They also use the rule to back out Alan Greenspan’s implicit esti- mate of the natural rate of unemployment and to assess the correct response to a change in productivity growth.
    [Show full text]
  • Vol. 17, No. 4, November
    Ewing Family Journal Volume 17 – Number 4 November 2011 ISSN: 1948-1187 Published by: Ewing Family Association www.EwingFamilyAssociation.org ISSN: 1948-1187 Ewing Family Association 17721 Road 123 Cecil, Ohio 45821 www.EwingFamilyAssociation.org CHANCELLOR David Neal Ewing [email protected] PAST CHANCELLORS 2004-2006 George William Ewing [email protected] 1998-2004 Joseph Neff Ewing Jr. [email protected] 1995-1998 Margaret (Ewing) Fife 1993-1995 Rev. Ellsworth Samuel Ewing OFFICERS Board Chair Treasurer Secretary Wallace K. Ewing Jane (Ewing) Weippert Beth (Ewing) Toscos [email protected] [email protected] [email protected] BOARD OF DIRECTORS Karen Avery Daniel C. Ewing David Neal Ewing [email protected] [email protected] [email protected] George William Ewing Melvin A. Ewing Jr. [email protected] [email protected] Wallace K. Ewing, Chair William Ewing Riddle Eleanor (Ewing) Swineford [email protected] [email protected] [email protected] Beth (Ewing) Toscos Jane (Ewing) Weippert [email protected] [email protected] ACTIVITY COORDINATORS Archives EFA Forum EGD Project Mary Gosline, Esther Johnson Martin S. Ewing William Ewing Riddle [email protected], [email protected] [email protected] [email protected] Genealogist Journal Editor Membership Karen Avery William Ewing Riddle Jill (Ewing) Spitler [email protected] [email protected] [email protected] Merchandise Webmaster Y-DNA Project Virginia (Ewing) Okie Martin S. Ewing David Neal Ewing [email protected] [email protected] [email protected] Ewing Family Journal Volume 17 Number 4 November 2011 Published by: Ewing Family Association, 17721 Road 123, Cecil, Ohio 45821. Website: www.EwingFamilyAssociation.org.
    [Show full text]
  • Milton Friedman: a Bibliography
    __________________________________________________________________ MILTON FRIEDMAN: A BIBLIOGRAPHY Compiled by Julio H. Cole1 Milton Friedman (1912-2006), the world-famous author of Capitalism and Freedom (1962) and Free to Choose (1980), was one of the most influential economists of the 20th century, and his memory will live long in the lore of economics. To mark the centenary of his birth, Laissez-Faire is pleased to publish this bibliography, the most complete listing to date of his scholarly writings. It provides both an indication of the breadth of his interests, and a measure of the magnitude of his contribution to economic scholarship. A. Books by Milton Friedman .…………………………………………… 98 B. Other Publications by Milton Friedman .……………………………… 100 C. Published Correspondence ……………………………………………. 120 D. Published Interviews ...………………………………………………... 121 1Professor of Economics, Universidad Francisco Marroquín (Guatemala). This bibliography is based upon three earlier bibliographical orientations to Friedman‘s writings: Niels Thygesen, ―The Scientific Contributions of Milton Friedman,‖ Scandinavian Journal of Economics, 79 (1977): 84-98, Kurt Leube (ed.), The Essence of Friedman (Stanford, CA: Hoover Institution Press, 1987), pp. 526-51 (compiled by Gloria Valentine), and Marc Lavoie and Mario Seccareccia (eds.), Milton Friedman et son oeuvre (Montreal: Presses de l‘Université de Montréal, 1993), pp. 191-24 (compiled by Gilles Dostaler). It includes books authored, co-authored or edited by Milton Friedman, introductions and forewords to books by other authors, articles in scholarly and professional journals, comments and replies, chapters in edited volumes, articles in encyclopedias and general interest magazines, book reviews, and published interviews. It does not include articles published in newspapers or in news magazines, speeches, or testimonies to congressional committees.
    [Show full text]