'Gobal capitalist system that is...coming apart at the seams.'

May 9, 2015

"But isn't something more systemic happening? Well, George Soros, who saw this coming, says that we are going through a crisis of the 'giant circulatory system' of a 'global capitalist system that is...coming apart at the seams'. To elaborate, we're seeing the intensification of one of the central crises or contradictions of global capitalism: the crisis of overproduction, also known as over-accumulation or over-capacity. In other words, capitalism has a tendency to build up tremendous productive capacity that outruns the population's capacity to consume, owing to social inequalities that limit popular purchasing power, thus eroding profitability."

 

 

Source: Walden Bello. "A meltdown primer," New Internationalist. Nov. 2008, 34.

 

 

 

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