[Marxism] Capitalist meltdown?

Philip Ferguson philip.ferguson at canterbury.ac.nz
Thu Jul 3 18:49:22 MDT 2008

Carrol wrote:
> Capitalism (as opposed to particular capitalist regimes) is in no
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.

Agree completely.  It's good to see notes of sanity being sounded.  When
people on the left predict capitalist meltdown every time there are some
blips in the financial markets it just makes the left look daft.

Capitalism is certainly senile and, in terms of its internal dynamic,
probably weaker today than for most of its past.  But it is not about to
implode.  Like Carrol says, in the absence of a powerful working class
movement, even if there are capitalist recessions (and even muted
depressions), the result is simply that some capitalists go to the wall,
workers' living standards are driven down somewhat further, the more
efficient sections of capital are further concentrated and invigorated
and the system is revitalised.

Also, instead of concentrating on the finance sector, a thorough
examination of the productive sphere is needed - even just to understand
the finance sector and what is happening there.  Instead, a lot of the
left use the same superficial methods as bourgeois economics, fixated
with surface appearances and manifestations instead of the actual
essence of the system.


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