[lbo-talk] Austerity In The Face Of Weakness

[James Heartfield]

Patrick Bond: 'There was much confusion in the ranks of some Marxists (names available  upon request) who believed that a revival of superficial profitability  (failing to discount financial fluff) from the mid-1980s through 2007 meant there was no 'crisis' in the Marxian sense. Phew, did they get that wrong.'

There was a lot of guff from some Marxists to the effect that the financial spasm in 2008 was finally realisation of the promised collapse of capitalism. I am tempted to say, 'Phew, did they get that wrong.'

I can't see that the current economic problems are comparable to the crises of 1933, or even 1972 or 1983. Crisis, surely, is that point at which "economic" changes can no longer be contained, and lead to widespread social disorder. I can see some negative effects, but no crisis. Where is the evidence of social collapse? Why is the economy expanding, not shrinking? 

For sure, there are real problems, but it is a retreat from Marxism to demand that reality conform to theory, rather than drawing the theory from the reality.