[Marxism] World Depression: Regional Wars and the Decline of the US Empire - by James Petras

Jerry Wells jeremy at infowells.com
Thu Apr 2 22:40:08 MDT 2009


World Depression: Regional Wars and the Decline of the US Empire
Part I
Global Research, March 30, 2009

by Prof. James Petras



            All the idols of capitalism over the past three decades
crashed.  The assumptions and presumptions, paradigm and prognosis of
indefinite progress under liberal free market capitalism have been
tested and have failed.  We are living the end of an entire epoch:
Experts everywhere witness the collapse of the US and world financial
system, the absence of credit for trade and the lack of financing for
investment.  A world depression, in which upward of a quarter of the
world’s labor force will be unemployed, is looming.  The biggest decline
in trade in recent world history – down 40% year to year – defines the
future.  The immanent bankruptcies of the biggest manufacturing
companies in the capitalist world haunt Western political leaders.  The
‘market’ as a mechanism for allocating resources and the government of
the US as the ‘leader’ of the global economy have been discredited.
(Financial Times, March 9, 2009)  All the assumptions about ‘self-
stabilizing markets’ are demonstrably false and outmoded.  The rejection
of public intervention in the market and the advocacy of supply-side
economics have been discredited even in the eyes of their practitioners.
Even official circles recognize that ‘inequality of income’ contributed
to the onset of the economic crash and should be corrected.  Planning,
public ownership, nationalization are on the agenda while socialist
alternatives have become almost respectable.  

More information about the Marxism mailing list