[Marxism] Slow motion recession

Carrol Cox cbcox at ilstu.edu
Thu Jul 3 11:32:01 MDT 2008

Steve Palmer wrote:
> -
> OK, I had in mind the Panitch/Gindin school in particular - we were invited to
> watch Gindin nonchalantly waving off the seriousness of the financial crisis a
> few weeks before the Fed was forced to step in and avert what it saw as a
> potential breakdown in the financial system. But, more generally, it is the
> tendency, as Lenin remarks, to wish mourners on their way to a funeral many
> happy returns of the day. US capitalism is economically in a lot more
> precarious position than the US left seems to recognise. Both the US and the UK
> are in for some extremely serious trouble because of their overextension
> financially.

Capitalism (as opposed to particular capitalist regimes) is in no danger
at all, regardless of economic disasters or triumphs, as long as there
is not a large and militant anti-capitalist, socialist movment. Economic
collapses, far from being in themselves a danger to capitalism are
merely the means by which capitalism is reborn, stronger than before.


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