Magdoff is one of the most serious economists on the Left, and
these five controversial essays will be taken seriously. They
maintain that the American economy is expansionist, not by mistake
or malice but by necessity; and that foreign policy is profoundly
conditioned by domestic requirements for foreign industrial and
financial activity. Magdoff tries to show that, though foreign
exports and direct foreign investment per year constitute a small
fraction of total U.S. assets, they represent a crucial cumulative
stake abroad and a large proportion of the giant corporations'
profits. Transcending conventional lamentations about the
"underdeveloped" countries' trade predicament on the one hand, and
crude deterministic concepts of imperialism on the other hand,
Magdoff stresses the policymakers' concern with preserving future
options for investment and control (as in Southeast Asia) as well
as protecting current interests; and he analyzes foreign aid in
relation to both goals. The discussion of the financial network,
the emphasis on relations between capitalist nations, and his view
of exports and military spending as props of the capital-goods
sector are particularly important. His sensitivity to historical
development is as welcome in an economist as it is rare. The
statistical analyses and methodological comments are sometimes
demanding, but the book seems suitable for the politically-minded
general readers at whom it was aimed. (Kirkus Reviews)
Magdoff's analysis is the foundation upon which the work of an
entire tradition of Monthly Review authors rests.
General
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