Final crisis of capitalism?

This video from the USA says about itself:

Debt-fueled rat race drives economic crisis

Leo Panitch part 1: Truly democratic institutions are needed to direct investment.

From the Monthly Review site:

Crisis of Capitalism and the Left

by Emir Sader

A new crisis of capitalism, in the style of 1929. The theories of casino capitalism are confirmed. The US government contradicts itself again and heavily intervenes, demonstrating that its confidence in the market isn’t as great as its propaganda displayed. Neoliberal capitalism spills its guts, and the theories of the Left — Keynesian or anti-capitalist — critical of neoliberalism are corroborated.

Our theories about the anti-social and perhaps terminal character of capitalism borne out, we leftists smile, rubbing our hands, eager for social and political consequences of crises.

Should we? Or perhaps should we ask ourselves how prepared we are to confront this new crisis with left-wing alternatives? Not just with theories, but with the social, political, and ideological force to contest hegemony in crisis. Are we ready to ask ourselves if the measures taken by governments wouldn’t mean more suffering for the poor, more desperation, abandonment, unemployment, and precarious labor, without people being able to see alternatives?

If we are to merely play an intellectual role of being critics of capitalism, the new crisis is a great feast. We can rejoice and churn out, day after day, week after week, new articles that foresee — “as we have written already” — the end of capitalism in short order.

But every catastrophism is self-deceiving. In the 30s, the Communist International subscribed to the theory of economist Eugen Varga, who revisited Lenin’s theory to diagnose that the crisis of 1929 brought capitalism, finally, to its final stage. As the New Deal rescued capitalism from itself, the category of the “second phase of the final stage of capitalism” was introduced. By now we must be in the fifth or sixth phase. …

I’m not saying this to be characterized as a propagandist of apologetic visions of capitalism or to encourage demoralization, but to perform a salutary affirmation of Brecht, who said that “we must attack the strongest flank of the enemy,” so as not to deceive ourselves about the real conditions of the battle against it, so as not to underestimate its forces, and, above all, so as not to overestimate our forces.

The original, in Portuguese, of this article is here.

See also here. And here.

Is this the end of neoliberalism? Here.

Marx, Keynes, and the present crisis: here.

3 thoughts on “Final crisis of capitalism?

  1. [This comment was stopped by overzealous anti spam software. I have restored it here]

    Author : Michelene Benson

    No need to wonder \”if the measures taken by governments wouldn’t mean more suffering for the poor, more desperation … alternatives.\” The answer is YES! Any measures taken by government are fundamentally rooted in the same system that landed all crises from the great depression to this latest crisis. A system where our desire for gain drives us to profit at the expense of others and to the detriment of society. This system, which works against what nature is trying to teach us, will always fail us and continue to birth crisis after crisis. What is nature trying to show us?


  2. Hi Michelene Benson, thanks for commenting. As the economic crisis was a) caused by people from various religions and non-religious views; not one in particular; b) people suffering from it are from various religions and non-religious views, not one in particular; I doubt that its nature is religious and that possible solutions are religious, as you seem to suggest. I’d say the analysis and the solutions should be more “materialist”, in the philosophical sense of the word.


  3. Pingback: Irish Thatcherist party disbands | Dear Kitty. Some blog

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