[lbo-talk] Wherein Krugman laments his cribbing of Henwood has come to naught

Marv Gandall marvgand at gmail.com
Thu Sep 22 19:04:21 PDT 2011


On 2011-09-22, at 5:49 PM, Carrol Cox wrote:


> Yes. But I don't admit that the poor policies come from lack of intelligence. They have _some_ sort of material base, and I have seen no real efforts to identify that base. Some sort of systematic pressure on capitalist action and thought is operating. (Nor do I admit it is because of the Yahoos. There is no real opposition to the Yahoos -- and that needs explanation. I have seen none.

There is not the same urgency to resuscitate and reform the system as there was in the 30's, because the the economic and political crisis, while provoking great anxiety, has to date not been as severe as the Great Depression, and the capitalists are still hoping to somehow muddle through.

If official unemployment rises to 25% from 9%, if 50% rather than less than 1% of banks fail, if the economy contracts by 25% after recovering from a less than 5% fall, if prices drop by 25% rather than remaining stable, if the stock market falls by 90%, if there is a wave of bankruptcies by today's cash-rich corporations, if a resulting movement of the unemployed and an organized anticapitalist left begin to grow, etc. etc., then you will have the material base for more radical action by the system to save itself.



More information about the lbo-talk mailing list