Dennis Claxton wrote:
>
>
> Sasha Lilley: Various Marxist critics have argued
> that the financialization of the economy is
> capital’s means of addressing the underlying
> stagnation of the “real economy,” of industry in
> decline. The argument goes that the current
> crisis is part of a long downturn starting in the
> 1970s and capitalism’s ill-health has been masked
> by a shift into profit-making through all sorts
> of incomprehensible derivatives and forms of
> speculation. You three see things quite differently. How so?
>
Capitalism can survive no matter how bad the economy is. The _only_
condition which would represent ill-health for capitalism would be the
rise of a revolutionary anti-capitalist movement.
It is seriously misleading to confuse capitalism with a particular state of the economy. We suffer but capitalism (the abstract system of social relations) can go merrily on its way.
If you don't hit it it won't fall.
Carrol