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Launched in 1973, the transnational leftist journal KAPITALISTATE set out to grapple with a growing reconciliation between state power and corporate capitalism, a set of sweeping changes in the global political economy that would eventually come to be called “neoliberalism.” This essay explores KAPITALISTATE ’s guiding commitments to the theoretical debate about the state, case studies on American governance, and international collaboration. In the process, it identifies certain methodological tensions between Intellectual History and Periodical Studies. For the intellectual historian, KAPITALISTATE primarily deserves note as a platform for debates in Marxist state theory during the 1970s, an archive providing a synoptic view of problems in political economy preoccupying many left writers at the time. Reading the journal as Periodical Studies demands, however, with an emphasis upon the social materiality of its object of study, requires attention to the granular detail: to the journal’s visual rhetoric, its typography, its advertisements, even its errata. This essay argues that the propensities of Intellectual History and Periodical Studies, while potentially divergent, can clarify meaningful gaps in their respective practices, and that each is required to understand the role that periodicals like KAPITALISTATE served in fostering a left intellectual community during the 1970s. For left intellectuals in the United States, “1973” rings with infamy. This year marks the beginning of what economic historian Robert Brenner has dubbed the “long downturn,” a secular decline in profit rates among Western economies (4). In the decades after World War II, the United States had enjoyed historic levels of profitability, which had supported Keynesian deficit policies, expansive welfare state programs, and a military-industrial empire. But, as Brenner relates in The Boom and the Bubble, by the mid-1960s, German and Japanese manufacturers caught up to American production techniques; entering a market with dampened wages, these competitors exposed American manufacturers to overinvestment by preventing them from decreasing prices (16-17). “Between 1965 and 1973,” Brenner observes, “the US manufacturing sector experienced a fall in the rate of profit on its capital stock of 43.5 per cent” (17), ending “an amazing thirty-five years” (23). As manufacturing profits collapsed, the sprawling War in Vietnam was also creating enormous national deficits, drawing currency reserves abroad by the mil-

Between Periodical Studies and Intellectual History: “KAPITALISTATE” (1973-1983) at the Dawn of Neoliberalism