Nèdeem Elmahjoub's blog

“Elon Musk possesses a huge fortune not because he ‘earned’ it but rather because the rules of the game under capitalism permit capitalist investors like him to accumulate vast personal wealth at the expense of the larger working population. Musk has proven to be a particularly lucky and adept contestant in the game. But an appraisal of his personal attributes should in no way obscure this simple fact: outside of the socio-economic order based on private ownership of the productive assets of society and the pursuit of private profit through the exploitation of wage labour, a success of Musk’s type and magnitude is simply inconceivable.” —  Murray E.G. Smith and Tim Hayslip in Thinking Systematics, 2024

Sean Starrs’s key points : The global nature of US-led capitalism since 1945, and especially since the 1990s, means that some states can extract vast resources from others. GDP tells us where the world’s production of goods and services is geographically concentrated, but in the age of globalization, it does not tell us who owns and therefore profits from it. Global profit share is a more appropriate measure of national economic power, as it encompasses the global profits stemming from production and finance owned abroad, not just within the home territory. The global dominance of Wall Street (financial services in figure two), for example, helps to ensure that the US dollar remains the de facto world currency. The dominance of American tech firms helps to ensure the continued supremacy of the US military, while the dominance of American media helps to ensure that the US state can shape the ideological narrative (including support for US capitalism and imperialism). The United States c...

If machines produce everything we need, the outcome will depend on how things are distributed. Everyone can enjoy a life of luxurious leisure if the machine-produced wealth is shared, or most people can end up miserably poor if the machine-owners successfully lobby against wealth redistribution. So far, the trend seems to be toward the second option, with technology driving ever-increasing inequality. — Stephen Hawking , 2015

This crippling of individuals I consider the worst evil of capitalism. Our whole educational system suffers from this evil. An exaggerated competitive attitude is inculcated into the student, who is trained to worship acquisitive success as a preparation for his future career. [Capitalism] as it exists today is, in my opinion, the real source of evils. I am convinced there is only one way to eliminate these grave evils, namely through the establishment of a socialist economy, accompanied by an educational system which would be oriented toward social goals. In such an economy, the means of production are owned by society itself and are utilized in a planned fashion. — Albert Einstein,  Why Socialism?

“He knew there was something about the way Switzerland operated that made it uniquely useful to the forces of capitalism: not as a lead actor, but as an enabler working from behind the scenes.  “Some years later, Ziegler would use the term ‘secondary imperialism’ to define his country’s modus operandi. “Ziegler’s thesis, which he stands by to this day, is that Switzerland’s role in the world is that of accomplice – handmaiden, of sorts – to capitalism. “The transgressors included the banks that welcomed suitcases of cash from dictatorships in Portugal and the Dominican Republic; the real estate agencies that helped Gulf sheikhs and Guatemalan colonels buy lakeside apartments in which to hide; and subsidiaries of the American firms Dow Chemical and Honeywell, which oversaw the international sales of napalm and landmines. “To this day, is that Switzerland’s role in the world is that of accomplice – handmaiden, of sorts – to capitalism .”

“The Brutalist  is the story of modern America’s derision of art, of any creative endeavour that has no immediate monetary value. America has no place for a man of Laszlo’s ilk, for defiant art that refuses to abide by the rules of the market – the real god of America.” A review by Jospeh Fahim

Blinken and co should “talk less about the rules-based international order and more about defending the free world. That is a more accurate and comprehensible description of what western foreign policy is actually about…  As in the cold war and the earlier struggles of the 20th century, the world’s democracies do not need to apologise for being ruthless in defence of free societies.” —Gideon Rahman, Financial Times, 27 May 2024   ‘Democracy’ instead of capitalism or at as, his colleague Martin Wolf calls it, ‘ democratic capitalism ’. Manipulation of history: the 20th century was a struggle netween ‘democracies’ and non-democracies. In fact, the 20th century saw struggles between empires, advanced capitalist state, and movements of national liberations, class struggle in the heart of bourgeois democracies, even struggles against dictatorships such as in Brazil, Spain, Portugal, Greece … to overcome capitalism and aiming at establishing genuine democracies. ‘Defending the free ...

“In the book, Grace Blakeley takes on the world’s most powerful corporations by showing how the causes of our modern crises are the result of the economic system we have built – ‘a toxic melding of public and private power’. It’s not a broken system; it’s working exactly as planned. It can’t be fixed. It must be replaced. From Amazon’s attack on employee wages through its domination of regional economies, to how Boeing flies in the face of free markets despite its 737 Max disasters, and from the likes of Henry Ford to Margaret Thatcher,  Blakeley considers the past and present of our current crises  to pinpoint exactly how it all went wrong.”  “The 30-year-old describes her book as a critique of modern capitalism from a Marxist perspective, which isn’t a phrase that major writers on the left tend to attach to themselves these days. Instead of reduced taxation, the Office for National Statistics is forecasting that by 2027-28 the UK will have the highest level of...

[ An English woman once asked me: “why are we here?” I answered: “I am more interested in how we got here and where we are going to.” In the context of Syria and the MENA region as a whole, by historicizing everything, as Walter Benjamin advised, we understand how Syria got to where it is today. In the following Munif rightly makes the role of class relations in the Syrian society fundamental, especially class conflict and alliances after independence. The conclusion is:  a weak bourgeoisie that is unable to carry out economic development a nationalist regime that is unable to pursue an alternative path to capitalism due to the failure of economic development resorts to repression to maintain its rule a regime that pacifies significant layers of the population and contains active discontent through subsidised commodities, namely bread, and ideological means but it cannot sustain itself when a crisis hits. “The state and capitalist assemblages became ineffective when the 2011 revolt...

“We are living through a moment when the ‘F’ word is no longer taboo and the threat of fascism lurks everywhere.”  Alberto Toscano “reminds us that liberalism is no enemy of fascism , and fascists flower in the hot house of capitalism.”

Politically and intellectually bankrupt

Harris or Trump will soon occupy the most violent elected office in their homeland (and the world). Trump and Harris “are destroying what is left of the democratic institutions of this country.” ‘Democratic institutions’? When were they ‘democratic’?  “ The existing two parties are identical in their genocidal militarism and backing of the Israeli settler colony, with one openly planning its  fascist takeover  of the entire country.”  The 50/60 per cent of eligible Americans who do vote “are conditioned by the commercial logic of their degenerate capitalism to choose between Coke and Pepsi, McDonald's and KFC, Nike and Reebok, Apple and Samsung, or Trump and Harris.” I have always liked Dabashi’s articles . I fear though he is sliding into repeating sentences with different words and tone.

Catching and Falling Behind in the Global Economy (open access)

I don’t think we can talk about ‘hypocrisy’ anymore. It has been normalised as part of ‘our values’. It is not a negative feature. I don’t agree with the two state solution implied in the article.

The enduring influence of Marx’s masterpiece

A must read Unlike classical imperialism, write Costas Lapavitsas  the driving force of contemporary imperialism  “springs from this pairing of internationalized industrial with internationalized financial capital. Neither dominates the other and there is no fundamental clash between them. Jointly they comprise the most aggressive form of capital known to history.” And  this pairing of capitals  “thrives on unfettered access to global natural resources, cheap labor power, low taxation, loose environmental standards, and markets for its industrial, commercial, and financial components. The United States will obviously not submit to the challenge and draws on its vast military, political, and monetary power to protect its hegemony. That makes it the main threat to world peace.”  It implies there is now a world peace that is under threat. I don’t think there is world peace. “The socialist left must oppose imperialism, while recognizing that the United States is the...