“Before capitalism will go to hell, it will for the foreseeable future hang in limbo, dead or about to die from an overdose of itself but still very much around, as nobody will have the power to move its decaying body out of the way.” - Wolfgang Streeck
After years of ill health, capitalism is now in a critical condition. Growth has given way to stagnation; inequality is leading to instability; and confidence in the money economy has all but evaporated.
We present a reading list of titles that examine our current economic state, including Wolfgang Streeck's critically-acclaimed new analysis, How Will Capitalism End?
Remember kids! "Capital is dead labour, that, vampire-like, only lives by sucking living labour, and lives the more, the more labour it sucks." Get ready to go back to school by reading Verso's Economics 101 syllabus.
This letter was first published in Le Monde. Translated by David Broder.
(via Wikimedia Commons)
As a rule, crises open up the terrain of the possible, and the crisis that began in 2007 with the collapse of the subprime market is no exception. The political forces that upheld the old world are now decomposing — first among them social democracy, which has since 2012 entered a new phase in its long process of accommodation to the existing order. As against these forces, the National Front has diverted part of the anger in society to its own advantage. It has adopted the pretense of an anti-systemic stance, even though it challenges nothing about this system, and least of all the law of the market.
Such is the context in which Nuit Debout was born — a movement that now marks the first month of its existence. Since the fall of the Berlin Wall the opposition to neoliberalism has taken various different forms: the “Bolivarian” governments in Latin America in the 2000s, the “Arab Spring,” Occupy Wall Street, the Spanish indignados, Syriza in Greece, the Corbyn and Sanders campaigns in Britain and the USA…. Future historians delving into our era will doubtless say that it was particularly rich in social and political movements.