Every instinct I have suggests to me that we are entering a time of a crisis of capital similar in form, if not content, to the crisis that gripped it in the nineteen thirties. Just as the depression in the thirties was brought on in part by the over-confidence and irresponsibility of the capitalist elite, this crisis is rooted in the same kind of problem. Globalization of capital and industry, the radical expansion of corporate profits, the growth of extreme and lopsided wealth of the top 10 or twenty percent, the stagnation of real wages for the vast majority, the manner in which large corporations act outside the law in many nations, put together these factors suggest a coming crisis. Of course, the necessary incendiary ingredient is dissatisfaction of the people at large. While the wealth of the corporation and the economic elite is skyrocketing, governments are pleading poverty and everywhere people are being asked to give up their pensions, decent wages, and any sense of security. People may be easy to con when they are feeling ok about things, but they will not be such obedient sheep when they are pushed into more poverty and insecurity.
Marx pointed out that a socio-economic system nurtures the system that will eventually come after it. At the present moment in history even a genuine capitalist must understand that international corporate capitalism is headed for a major problem if its leaders don't begin to ensure a greater distribution of wealth and system that makes people feel as though they are not simply the play-things of corporate power.
Unfortunately, a society's elite seldom sees a crisis coming and seldom gives up any of their power and wealth voluntarily. We shall see.
Good Morning America ....
3 months ago