Actually Existing Capitalism: Wrecking Societies for the Benefit of Big Capital and the Super-Rich

[marmar]

Actually Existing Capitalism: Wrecking Societies for the Benefit of Big Capital and the Super-Rich

Thursday, 12 December 2013 00:00
By CJ Polychroniou, Truthout | Op-Ed


Are all of the socioeconomic issues confronting Europe and the United States - recession or stagnant growth, skyrocketing unemployment, lowered prospects for new job creation, a demand shortage, a widening gap between the haves and have-nots, social malaise - merely consequences of the financial crisis of 2007-08?

A strong case can be made that what we have been witnessing since then is not simply a severe financial crisis centered in the developed world but the fact that today's capitalism is simply incapable of functioning in an economic way conducive to maintaining sustainable and balanced growth.

The so-called "financialization" of the economy, so prone to financial crises and meltdowns as the late Hyman Minsky has shown, cannot be understood independent of the production processes or developments in the real economy. Advanced capitalism had been facing severe structural stresses, strains and deformations - including overproduction, trade deficits, lack of job growth and elevated public and private debt levels - for quite a few decades prior to the eruption of the financial crisis of 2007-08.

Indeed, the "financialization" wave - which many have labeled "casino capitalism" or "stock market capitalism" but which amounts essentially to the deregulation of giant financial entities capable of shaping and controlling the fate of national economies - began as a result of the structural problems associated with the postwar regime of capital accumulation, whose collapse in the mid-1970s threatened the growing expansion of capitalism. Thus, "financialization" does not spring out of the blue but emerges as an alternative model to the decay of the postwar regime of accumulation. ..................(more)

The complete piece is at: http://truth-out.org/opinion/item/20558-actually-existing-capitalism-wrecking-societies-for-the-benefit-of-big-capital-and-the-super-rich

[Egalitarian Thug]

1. K&R Just keep posting the truth, eventually it will seep in. n/t

[Starry Messenger]

2. k&r

[cantbeserious]

3. Who Stole The American Dream - Video - Book - Powell Manifesto

#t=0

"The promise of a prosperous middle-class life with decent work, rising living standards, and the potential for a better future has long been the foundation of the American dream. But as America continues to struggle to recover from the Great Recession, it has become clear that the middle class is in jeopardy -- and many of the policies of the last 40 years are to blame.

Examining the political, legislative, and corporate choices that have pushed the middle class to the brink, Pulitzer Prize- and Emmy Award-winning journalist, producer, and bestselling author Hedrick Smith details the story of this demise. In his new book, Who Stole the American Dream?, Mr. Smith analyzes how "pro-business" policies dismantled the previous American social contract and tells the stories of the people who have been left behind. ..."

The Book - Who Stole The American Dream

http://www.amazon.com/Stole-American-Dream-Hedrick-Smith/dp/1400069661

See the Powell Manifesto Here.

http://www.thwink.org/sustain/articles/017_PowellMemo/PowellMemoReproduction.pdf

Commentary Here.

http://www.thwink.org/sustain/articles/017_PowellMemo/

[xchrom]

4. du rec.

[cantbeserious]

5. Capitalism - Divide And Conquer - Manipulation Through Fear

Capitalism depends upon the divide and conquer strategy. Fear is a method for enabling the strategy. The intent is to redirect our collective focus away from the Oligarchs, Corporations and Banks to ensure that their real intentions remain opaque to the masses. In practice, the oligarchs, corporations and banks own and control the politicians that own and control us. All the while, those same vested interests are laughing while the 99% squabble over manufactured issues and crises. Quite the scam indeed.

[Diego_Native 2012]

6. Hear! Hear!

[Phlem]

7. The Trifecta! The food industry's

Fat, salt, and sugar combo which will also kill you.



-p

[Enthusiast]

8. This post deserves hundreds of recommendations

You people approve of this status quo? Come on!

[BelgianMadCow]

9. K & R for later reading

Minsky Mentioned? Must read.