John Bellamy Foster is the editor of
Monthly Review and a professor of sociology at the University of Oregon. R. Jamil Jonna is associate editor for communications and production at
Monthly Review. Brett Clark is associate editor of
Monthly Review and a professor of sociology at the University of Utah.
The authors thank John Mage, Craig Medlen, and Fred Magdoff for their assistance.
The U.S. economy and society at the start of 2021 is more polarized than it has been at any point since the Civil War. The wealthy are awash in a flood of riches, marked by a booming stock market, while the underlying population exists in a state of relative, and in some cases even absolute, misery and decline. The result is two national economies as perceived, respectively, by the top and the bottom of society: one of prosperity, the other of precariousness. At the level of production, economic stagnation is diminishing the life expectations of the vast majority. At the same time, financializatio
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Steve Keen presented an invited lecture to the Marshall Society at Cambridge University in early November. The 1-hour presentation reviews the failure of neo-classical economics with carefully derived analytical argument. This is unusual compared to some discussions by notable economists in that it is non-ideological, but based on empirical observations of macroeconomic systems.
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The Marshall Society is the Economics Society of the University of Cambridge. Established in 1927 in memory of Alfred Marshall, the Society has since upheld the tradition of its distinguished founders in furthering the discussion of economics. Former members of the Marshall Society include John Maynard Keynes, Nicholas Kaldor, Joan Robinson and Manmohan Singh.
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