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Nationalism Will Go Bankrupt Jun 20, 2018 ANATOLE KALETSKY

Source: Project Syndicate



The opposite of populist nationalism is not globalist elitism; it is economic realism. And in the end, countries such as Britain, the United States, and now Italy will learn the hard way that reality always eventually wins.

ROME – Nationalism versus globalism, not populism versus elitism, appears to be this decade’s defining political conflict. Almost wherever we look – at the United States or Italy or Germany or Britain, not to mention China, Russia, and India – an upsurge of national feeling has become the main driving force of political events.
By contrast, the supposed rebellion of “common people” against elites has not been much in evidence. Billionaires have taken over US politics under President Donald Trump; unelected professors run the “populist” Italian government; and all over the world, taxes have been slashed on the ever-rising incomes of financiers, technologists, and corporate managers. Meanwhile, ordinary workers have resigned themselves to th…

What Is Monopoly Capital? by John Bellamy Foster (Jan 01, 2018)

What Is Monopoly Capital?by (Jan 01, 2018)Topics:  ,  Places:  ,  This article was initially published in Polish, in Realny kapitalizm. Wokół teorii kapitału monopolistycznego[Real Capitalism: Exploring Monopoly Capital Theory], edited by Grzegorz Konat and Przemysław Wielgosz (Warsaw: Instytut Wydawniczy Książka i Prasa, 2017). “Monopoly capital” is the term often used in Marxian political economy and by some non-Marxist analysts to designate the new form of capital, embodied in the modern giant corporation, that, beginning in the last quarter of the nineteenth century, displaced the small family firm as the dominant economic unit of the system, marking the end of the freely competitive stage of capitalism and the beginning of monopoly capitalism. Marx’s Capital, the first volume of which was published in 1867, was designed to uncover the laws of motion of the nineteenth-century era of free competition, and was based i…