[Marxism] Econ Rebounding?

Patrick Bond pbond at mail.ngo.za
Wed Sep 2 18:30:12 MDT 2009

brad bauerly wrote:
> ...so how is
> this still a crisis for capitalism? ... I would be
> interested in hearing others opinions on this as well and I think this a
> very necessary and important discussion.

As I understand it, we've had a massive devaluation of financial capital 
over the past year, with roughly half the overaccumulated finance in 
world stock markets devalued down to the trough point in March.

There was a major upturn in some markets after that, but the underlying 
problem - overaccumulated capital in the world economy's real sectors - 
is only now being devalorised. In South Africa this year, that's meant a 
third decline in the output of steel, autos, aluminum, etc, for both 
internal and export markets. But plenty more to shake out.

The 'crisis of capitalism' continues insofar as the devalorisation 
required to clear all that economic deadwood is still in process.

In SA, the working class is beginning to intervene against this - both 
in policy advocacy (for industrial protection, lower interest rates, 
exchange controls, etc) and in localised protests against the worst 
impacts, e.g. disconnections of water and electricity or other signs of 
municipal degradation. But even with some of the world's great 
working-class and poor people's movements (e.g. capable of busting Big 
Pharma's monopoly patents on AIDS medicines), the overall message I get 
is that class struggle is way too weak to consider this a crisis of 
capitalism 'from below'. It's still raining down on us 'from above', due 
to internal laws of motion and contradictions in the accumulation process...

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