[Marxism] Behind the Austerity Drive (new blog from critique of crisis theory)
mike at unite.org.nz
Wed Jan 23 16:25:35 MST 2013
January 2013 marks the beginning of the sixth year since the last crisis
began in August 2007 and the fifth year since the crisis reached its climax
with the panic on Wall Street in September 2008. Compared to the stormy
events of those years, recent weeks have been relatively quiet.
The European debt crisis has at least momentarily eased with the decision
of the European Central Bank to expand the euro-denominated monetary
base—though much of the European economy remains in the grip of recession
with unemployment still rising. In the U.S., the economy remains sluggish
as the leaders of the ruling class seek ways to accelerate growth in order
to halt and reverse U.S. de-industrialization and prevent a serious social
and political crisis.
This is therefore a good time to take a larger view of the current economic
situation within the broader long-term evolution of the capitalist system.
This month I will focus on the U.S. government deficits and the current
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