A new new deal under Obama?

Monthly Review

Volumn 60, Issue 9, 2009, Pages 1-11

  Foster, John Bellamy ^a   McChesney, Robert W ^b  

^a UNIVERSITY OF OREGON   (United States)

^b UNIVERSITY OF ILLINOIS AT URBANA CHAMPAIGN   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 60349114493     PISSN: 00270520     EISSN: None     Source Type: Journal    
DOI: 10.14452/MR-060-09-2009-02_1     Document Type: Review

References (24)

1. The question of a "new New Deal" in the face of the deepening stagnation of U.S. capitalism is not a new one. See Harry Magdoff and Paul M. Sweezy, "A New New Deal?," Monthly Review 33, no. 9 (February 1982), 1-10. On the present economic crisis see John Bellamy Foster and Fred Magdoff, The Great Finanaal Crisis (New York: Monthly Review Press, 2008).
2. Associated Press, "Obama Team Weighs Up to $850 billion Economic Jolt," December 18, 2008.
3. Alvin H. Hansen, Fiscal Policy and Business Cycles (New York: WW. Norton, 1941), 85-87.
4. David Milton, The Politics of Labor: From the Great Depression to the New Deal (New York: Monthly Review Press, 1982).
5. Harry Magdoff and Paul M. Sweezy, "The Responsíbility of the Left," Monthly Review 34, no. 7 (December 1982), 6-9;
6. Nick Taylor, American-Made (New York: Bantam, 2008);
7. "FDR's New Deal Blueprint for Obama," CBS News, December 14, 2008, http://www.cbsnews.com.
8. Allan H. Meltzer, A History of the Federal Reserve, vol. 1 (Chicago: University of Chicago Press, 2003), 521;
9. Dean L. May, From New Deal to New Economics (New York: Garland, 1981), 91-113, 122;
10. Hansen, Fiscal Policy and Business Cycles, 88. Partly in response to the recession of 1937, Social Security was put on a "pay as you go" basis.
11. May, From New Deal to New Economics, 147-48;
12. John Kenneth Galbraith, Money: Whence It Came, Where it Vent (Boston: Houghton Mifflin, 1995), 232-36;
13. Richard V. Gilbert, George H. Hildebrand, Jr., Arthur W. Stuart, Maxine Y. Sweezy, Paul M. Sweezy, Lorrie Tarshis, and John D. Wilson, An Economic Program for American Democracy (New York: Vanguard Press, 1938).
14. There were other authors of An Economic Program for American Democracy, who were not able to sign it for various reasons, such as government jobs, including Alan Sweezy and Emile Despres. "Interview of Paul M. Sweezy," The Coming of Keynesiantsm to America, ed., David C Collander and Harry Landreth (Brookfield, Vermont: Edward Elgar, 1996), 81.
15. John Kenneth Galbraith, American Capitalism (Boston: Houghton Mifflin, 1952), 69.
16. Paul A. Baran and Paul M. Sweezy, Monopoly Capital (New York: Monthly Review Press, 1966), 151-61.
17. Baran and Sweezy, Monopoly Capital, 164.
18. These two categories of government spending are referred to as exhaustive and nonexhaustive expenditures. On this see Francis M. Bator, A Question of Government Spending (New York: Collier Books, 1960), 17-46. On the construction of OECD accounts see François Lequiller and Derek Blades, Understanding National Accounts (Paris: Organisation of Economic Co-operation and Development, 2006).
19. See John Bellamy Foster, Hannah Holleman, and Robert W. McChesney, "The U.S. Imperial Triangle and Military Spending," Monthly Review 60, no. 5 (October 2008): 9-13;
20. Bureau of Economic Analysis, National Income and Product Accounts, Table 3.9.5.
21. "A Fighter Jet's Fate Poses a Quandary for Obama," New York Times, December 10, 2008.
22. C. Wright Mills, The Causes of World War Three (New York: Simon and Schuster, 1958), 85.
23. It should be pointed out that the other G-7 countries (and Sweden) referred to here face analogous problems, starting out at higher levels of government spending as a percentage of GDP. They too are caught in the stagnation trap and could use increases in government spending to lift their economies, but face powerful class forces at the top of the society that limit the magnitude and direction of such spending.
24. See Harry Magdoff and Paul M. Sweezy, "The Coming Crisis and the Responsibility of the Left," Monthly Review 39, no. 2 (June 1987): 5.