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capitalism

Videos on the Marxist theory of capitalism

These resources with notes are created by Brendan Cooney and are available at Kapitalism 101. This page was compiled by Dave Riley.

The financial meltdown: Roots of the economic crisis in overaccumulation, financialisation and ‘global apartheid’

By Patrick Bond

October 3, 2008 -- The global economy’s vast financial sector expansion – in the context of productive sector stagnation tendencies – has increased the leading powerbrokers’ capacity to devalue large parts of the Third World (including major emerging market sites), as well as to write down selected financially volatile and vulnerable markets in the North (e.g. dot.com and real estate bubbles). In contrast to the 1930s, this set of partial write-downs of overaccumulated financial capital has not yet created such generalised panic and crisis contagion as to threaten the entire system’s integrity. Shifting and stalling the necessary devalorisation of overaccumulated capital, particularly as it bubbles up via financial sectors into speculative markets, entailed spatial and temporal fixes.

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Click HERE to view the accompanying PowerPoint slideshow

[Read more on the capitalist economic crisis HERE.]

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Capitalist versus socialist state intervention in the economy

By Martin Saatdjian

October 1, 2008 -- Venezelanalysis -- The current financial crisis reveals the first symptoms of a major, perhaps revolutionary, socioeconomic change in world affairs. Much has been said how, after the collapse of the Berlin Wall, capitalism overshadowed socialism and "the end of history" was decreed in much of the intellectual world. Not surprisingly, less has been mentioned that while socialism was dying in Europe, it was also blossoming in Latin America. In 1989, events known as El Caracazo -- major protests in Venezuela against neoliberalism and the "Washington Consensus" aimed at reducing the role of the state in the economy -- erupted. The election of Hugo Chavez as president of Venezuela in 1998 was a reaction not only to people's dislike [of neoliberalism] and the failure of neoliberalism, but also to the strong repression that followed the 1989 protests.

Four crises of the contemporary world capitalist system

By William K. Tabb

Monthly Review, October 8, 2008 -- This essay examines aspects of the global political economy that I hope will inform progressive governments and movements for social change. It evaluates the constraints and opportunities presented in the current conjuncture of world capitalist development by analysing four areas of crisis in the contemporary world capitalist system. These are not the only contradictory elements in the contemporary conjuncture, but they are, in my view, the most salient.

Audio: Leo Panitch and Sam Gindin on the financial crisis, neoliberalism and the American empire

October 4, 2008 (KPFA/Left Business Observer) Leo Panitch and Sam Gindin (preceded by a lengthy commentary by Doug Henwood) on the financial crisis, neoliberalism and the American empire -- the end of what, if anything, exactly?

Updated with video and audio: The financial crisis: A socialist perspective

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October 4, 2008 (KPFA/Left Business Observer) Leo Panitch and Sam Gindin on the financial crisis, neoliberalism and the American empire -- the end of what, if anything, exactly? Listen HERE

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Real News Network interviews with Leo Panitch

October 10, 2008:

The global financial crisis: implications for Asia

By Reihana Mohideen

The Wall Street crisis seems light years away from the side streets of Manila’s urban poor slums. For the labouring masses in the Philippines the capitalist system has been in crisis for some time now, unable to deliver life’s basic necessities: jobs and a living wage; affordable quality healthcare and education; and food security.

According to official National Statistics Office data poverty levels have increased between 2003 and 2006, and 2008 is expected to be the worst year since the 1998 Asian economic crisis. Between April 2007 and April 2008 the labour force grew by only 81,000, while the number of unemployed rose by 249,000, i.e. triple the increase in the labour force. In 2008 the number of employed persons fell by 168,000 and there was no employment generation in April of this year. Jobs were being lost at a time when prices and inflation were skyrocketing.

Walden Bello: A primer on the Wall Street meltdown

By Walden Bello, Focus on the Global South

[Read more on the capitalist economic crisis HERE.]

September 25, 2008 -- The Wall Street meltdown is not only due to greed and to the lack of government regulation of a hyperactive sector. It stems from the crisis of overproduction that has plagued global capitalism since the mid-seventies.

Many on Wall Street are still digesting the momentous events of the last ten days:

India: What happens to a dream deferred? Does it explode?

What happens to a dream deferred?

Does it dry up

like a raisin in the sun?

Or fester like a sore--

And then run?

Does it stink like rotten meat?

Or crust and sugar over--

like a syrupy sweet?


Maybe it just sags

like a heavy load.


Or does it explode?

-- Langston Hughes, 1951

By Kavita Krishnan

Climate change -- the case for public ownership

Photo by Alex Bainbridge.
By Trent Hawkins

Arising out of the UK Climate Camp in August 2008 there has developed an interesting debate between Ewa Jasiewicz, an activist in Britain, and well-known radical columnist George Monbiot about the role of so-called “state solutions” to climate change. Jasiewicz’s article, published on the Guardian website[i] and entitled “Time for a Revolution”, was an attack on Monbiot for a “controversial presentation [at climate camp] … in which he endorsed the use of the state as a partner in resolving the climate crisis”. It was also prompted by a debate between Monbiot and former National Union of Mineworkers’ leader and head of Britain’s Socialist Labour Party Arthur Scargill about what is more polluting: nuclear or coal energy.

Jasiewicz stated:

Wall Street crisis: Poor to bail out the rich again

By Peter Boyle

September 26, 2008 -- "Rich people got it good in this country", said African-American comedian Wanda Sykes on the September 24 Tonight Show with Jay Leno. "We refuse to let them not be rich. Think about it. Broke people are about to bailout rich people. This is what is going on."

"And they want no oversight. $700 billion dollars and no oversight! No oversight? Why should we? I want receipts dammit! What do you mean no oversight? Because, oh, you're so good with the other money?"

"This is the biggest piece of garbage ever. You know what? It's welfare for the rich...

The importance of Marx, 150 years after the Grundrisse

A conversation between Eric Hobsbawm and Marcello Musto. Posted at Links International Journal of Socialist Renewal with the permission of Marcello Musto.

 

 

Financial crisis: working people will pay

By Dick Nichols

September 20, 2008 -- “Will my superannuation [pension] fund be next?” “Are my savings safe?” As working people in the developed economies watch the assets of one financial institution after another vaporise into nothingness, tens of millions are asking these dreadful questions.

 

 

Yesterday’s AAA assets are now junk and yesterday’s “risk-free” investments are losing money. No-one, not even the world’s central bankers, who are spending sleepless nights arranging rescue bailouts and emergency injections of trillions of dollars into a financial system frozen with fear and distrust, can answer them with 100% certainty.

Scenes from Marx in Soho, by Howard Zinn

Scenes from Howard's Zinn's Marx in Soho (Bob Weick of the Iron Age Theatre appears in videos 2 & 5). For the latest on the play, go to http://www.marxinsoho.com/ Four more scenes follow: click HERE.

Marx on capitalism

 

Sustainable capitalism?

By David Travis

September 9, 2008 -- On the fringe of the green movement, one always hears the following phrases coming from the mainstream with great regularity: "green capitalism", "sustainable capitalism", "social entrepreneurs", "green entrepreneurs", etc. None of these terms tend to mean anything specific, and no one who uses them is in a great hurry to spell out, for example, how a green entrepreneur is different in any fundamental way from some other kind of entrepreneur, or how capitalism could be driven toward sustainability rather than profit. So you can imagine my pleasure at meeting the author of a book called Sustainable Capitalism: A Matter of Common Sense.

In defence of Naomi Klein's analysis of South Africa

By Patrick Bond

In response to Beware Electocrats: Naomi Klein on South Africa by Ronald Suresh Roberts in Radical Philosophy commentaries, July-August 2008, http://www.radicalphilosophy.com/default.asp?channel_id=2187&editorial_id=26668

Klein’s chapter on South Africa follows this exchange.

India's Katrina: Bihar floods -- criminal negligence, not divine deluge (+ emergency appeal)

By Communist Party of India (Marxist-Leninist) Liberation

[See below for relief fund details.]

September 2, 2008 -- The regime of Nitish Kumar, which rules the Indian state of Bihar, boasts of ``Bihar Shining''. These claims are now submerged by the cries of ``Bihar Drowning''. The National Democratic Alliance (NDA) government's claims of ``good governance'' have proved a washout in the face of the floods, and now the Chief Minister Kumar is trying to paint the floods as a ``natural'' calamity or divine ``deluge'' (Pralay).

Nothing could be further from the truth. The flood devastation was highly preventable – and is a direct result of callous negligence of basic flood-prevention strategies by the Bihar and central Indian governments. Despite the fact that every year breaches in embankments cause floods in the state, maintenance and repair of embankments have been rampantly neglected.

Slideshow: Ecology against capitalism

Debunking the `Tragedy of the Commons'

By Ian Angus

August 24, 2008 -- Will shared resources always be misused and overused? Is community ownership of land, forests and fisheries a guaranteed road to ecological disaster? Is privatisation the only way to protect the environment and end Third World poverty? Most economists and development planners will answer “yes” — and for proof they will point to the most influential article ever written on those important questions.

Since its publication in Science in December 1968, “The Tragedy of the Commons” has been anthologised in at least 111 books, making it one of the most-reprinted articles ever to appear in any scientific journal. It is also one of the most quoted: a recent Google search found “about 302,000” results for the phrase “tragedy of the commons”.

For 40 years it has been, in the words of a World Bank discussion paper, “the dominant paradigm within which social scientists assess natural resource issues” (Bromley and Cernea 1989: 6). It has been used time and again to justify stealing indigenous peoples’ lands, privatising health care and other social services, giving corporations ``tradable permits'' to pollute the air and water, and much more.

Video: The Carbon Connection -- The human impact of carbon trading

Two communities affected by one new global market – the trade in carbon dioxide. In Scotland, a town has been polluted by oil and chemical companies since the 1940s. In Brazil, local people's water and land is being swallowed up by destructive monoculture eucalyptus tree plantations. Both communities now share a new threat.

As part of the deal to reduce greenhouse gases that cause dangerous climate change, major polluters can now buy carbon credits that allow them to pay someone else to reduce emissions instead of cutting their own pollution. What this means for those living next to the oil industry in Scotland is the continuation of pollution caused by their toxic neighbours. Meanwhile in Brazil, the schemes that generate carbon credits gives an injection of cash for more planting of the damaging eucalyptus plantations.

The two communities are now connected by bearing the brunt of the new trade in carbon credits. The Carbon Connection follows the story of two groups of people from each community who learned to use video cameras and made their own films about living with the impacts of the carbon market.

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