[Marxism] Capitalist austerity in the First and Third Worlds

Philip Ferguson philipferguson8 at gmail.com
Wed Jan 25 16:32:26 MST 2017

An article that John Smith sent us for Redline blog. John's the author of
the excellent new study 'Imperialism in the twenty-first century' (New
York: Monthly Review Press). In this article he looks at how the Third
World has borne the brunt of capitalist austerity since the end of the
postwar boom in the early 1970s:

"The attack on organised labour and working people in Europe, Japan and the
USA, through intensification of labour, wage repression and cuts in social
spending, was on its own nothing like enough to allow capitalism to escape
from the systemic crisis of the 1970s. The most important contribution to
the resumption of capitalist accumulation in its heartlands was the
surplus-value extracted from hundreds of millions of workers in the
export-oriented industries of the Third World (or Global South) and
captured by imperialist transnational corporations (TNCs) and their
suppliers as profits and by imperialist states through taxation. Once
again, systemic crisis propelled capitalism along an imperialist
trajectory. . . "

full at:

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