Wednesday, December 12, 2018
Capitalism as an economic system is without morals of any kind. Like the algorithms Wall Street whiz kids create, capitalism does not know right from wrong. But, those who use those algorithms do. The politicians and administrators in Washington, DC also know right from wrong. Alan Nasser's recently published study of Overripe Capitalism: American Capitalism and the Crisis of Democracy' is an economic and political history of the United States. It considers the economic order and political structure together. There is a close, intricate relationship between the two. The likely future for the United States is not democracy, but fascism. The pursuit of profit has blinded stronger men than Donald Trump. That pursuit has created an economy that does not fill the needs of all the people. As always, corporate owners, managers and investors are determined to squeeze as much labor for the fewest pennies to increase their profits.
The first economic period includes the decades of the late nineteenth century up to and including World War One. It is defined by corporate and financial growth and monopolization. Most profits in this period were reinvested in machinery and factories to increase production. The years were marked by increasingly intense exploitation of labor which led to labor rebellion. The second economic period began in the 1920s. This period is marked by an economic dependence shift away from increased production to increased consumption. This era was called the Roaring Twenties. More people were buying habits were shifting from staples to things, especially automobiles. That consumption was not paid for with higher wages for workers, but with expanding credit and unregulated stock manipulation, which caused the 1929 crash and Great Depression. Then FDR created the New Deal, which preserved capitalism by giving workers protections. But what really saved capitalism was Keynesian economics, when the US military entered World War Two and the war time production skyrocketed. The third economic period, neo-liberalism, began with Carter and was accelerated by advances in technology which has rendered the working class more irrelevant than ever. The capitalist command of the American State (Fascism) is the triumph of persistent political efforts control the State. The police are essential to maintaining stability.
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