[lbo-talk] Re: More on the global capitalist crisis

Joseph Wanzala jwanzala at hotmail.com
Thu Dec 11 17:23:22 PST 2003


More from Loren Goldner on the capitalist world crisis. Of particular note: he points out how global capitalism faced an insurmountable crisis in the period 1914-45, and got out of it only though massive global restructuring,via two world wars,Keynesian selfare statism, fascism, and "Stalinism" to create a basis for renewed global accumulation based upon US supremacy (vs British), and facilitated enormously by the "Left" via "popular fronts" and the US labor movement. He sees a similar crisis in place, with people like Jeffrey Sachs, George Soros, Paul Krugman, Joseph Steiglitz and other Keynsians, and the "anti-globalization" movement. Only problem is: where are two global wars gonna be fought, wars which would have to be far more massive than World Wars I and II, due to the far bigger debt bubble the structure faces?

http://home.earthlink.net/~lrgoldner/pausereply.htm

...What is necessary today, as the indispensable “active moment” is a fake left movement ready to play the role played in the 1930’s by the Popular Fronts, Keynesianism and the New Deal/CIO in the U.S. As the neo-liberal free-market ideology and practice of the past 25 years lurches from one crisis to the next (we can cite from memory, and incompletely, the Mexico and Brazil crises of 1982, the U.S. savings and loan meltdown of 1989-1991; the Mexican tequila crisis of 1994, the Asian crisis of 1997-1998, the Russian default and Long Term Capital Management crisis of 1998, the Brazil crisis of 1999, the U.S. stock market collapse of 2000, the Argentine default of 2001) we see a growing array of theoreticians and movements positioning themselves to take over: Jeffrey Sachs, George Soros, Paul Krugman, Joseph Stieglitz, the other newly-revived Keynesians, and above all the anti-globalization movement and its “Porto Alegre” icon. Space and concision make it impossible to lay out the possible ways in which this movement could oversee a new world accumulation process, just as it was impossible to foresee how Keynesianism would ultimately triumph in 1929.

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