Report Card on Crisis Capitalism


Truth Out has the article After Five Years: Report Card on Crisis Capitalism by Richard D Wolff.  Here is a nice summary from the article:

Lets summarize: (1) capitalists decided in the 1970s to computerize and increasingly relocate production overseas; (2) that enabled them to impose wage stagnation and greatly increase surpluses and profits; (3) financial capitalists lent to consumers and built a speculative bubble based on consumer debt; (4) when rising consumer debts exceeded what stagnant wages could afford, the system crashed; (5) capitalists got trillion-dollar bailouts while lending government the money for those bailouts; and (6) now, capitalists make entire populations pay for the crisis and bailouts by directing politicians to impose austerity. This capitalist system not only fails to “deliver the goods,” it dumps ever-more-outrageous bads.

I am not ready to buy into the solutions this author poses.  I guess I still have some nostalgic  feelings for the good, old fashioned, mixed, capitalist society.

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