Home » Posts tagged 'global capitalism'

Tag Archives: global capitalism

Olduvai
Click on image to purchase

Olduvai III: Catacylsm
Click on image to purchase

Post categories

Post Archives by Category

The “disintegration” of global capitalism could unleash world war 3, warns top EU economist

The “disintegration” of global capitalism could unleash world war 3, warns top EU economist

Seeing the systemic roots of this risk can help us avert catastrophe and build resilience

(Source: miriadna.com)

A senior European Commission economist has warned that a Third World War is an extremely “high probability” in coming years due to the disintegration of global capitalism.

In a working paper published last month, Professor Gerhard Hanappi argued that since the 2008 financial crash, the global economy has moved away from “integrated” capitalism into a “disintegrating” shift marked by the same sorts of trends which preceded previous world wars.

Professor Hanappi is Jean Monnet Chair for Political Economy of European Integration — an European Commission appointment — at the Institute for Mathematical Models in Economics at the Vienna University of Technology. He also sits on the management committee of the Systemic Risks expert group in the EU-funded European Cooperation in Science and Technology research network.

In his new paper, Hanappi concludes that global conditions bear unnerving parallels with trends before the outbreak of the first and second world wars.

Key red flags that the world is on a slippery slope to a global war, he finds, include:

  • the inexorable growth of military spending;
  • democracies transitioning into increasingly authoritarian police states;
  • heightening geopolitical tensions between great powers;
  • the resurgence of populism across the left and right;
  • the breakdown and weakening of established global institutions that govern transnational capitalism;
  • and the relentless widening of global inequalities.

These trends, some of which were visible before the previous world wars, are reappearing in new forms. Hanappi argues that the defining feature of the current period is a transition from an older form of “integrating capitalism” to a new form of “disintegrating capitalism”, whose features most clearly emerged after the 2008 financial crisis.

 …click on the above link to read the rest of the article…

Is the Historical Subject Returning, Wearing a Yellow Vest?

Is the Historical Subject Returning, Wearing a Yellow Vest?

If someone were to ask me the meaning of politics, I would say that it is concerned with the contestation of power; that it is agonistic, even antagonistic. And that it has to be, because what it contests is the balance of power wielded by different class interests. As Marx recognised, the underlying purpose of the social, political, economic and even legal institutions of capitalist society is to preserve the monopoly of power enjoyed by the capital-owning class. And, consequently, any attempt to challenge that monopoly, in whatever sphere, is going to be countered, as the yellow-vested protesters are currently experiencing on the streets of Paris.

I point this out because the nature of politics seems to have radically changed over the last couple of decades. Dare I say it, it has become rather apolitical. – concerned more with ameliorating the excesses of capitalism than with challenging the system itself. The dramatic protests against global capitalism that marked the end of the 20thcentury have now settled into a not uneasy truce, as new ‘transnational’ actors have emerged to fill and ‘depoliticise’ the radical space previously occupied by the working class. These new players comprise a panoply of ‘Global Social Justice Movements’, (‘GSJMs’) and ‘Non-Governmental Organisations’, (‘NGOs’) which impose themselves on inchoate civil society all over the globe. Whilst the range of their particularistic interests is vast, they are generally united in the denigration of working class politics. These movements, which tend to be managed by western, middle class personnel,[1] and are very often funded, directly or indirectly by western corporate interests and unelected bodies,[2] eschew the representational demands of the ‘old’ class politics, insisting instead that their ‘individualistic’ agenda wields a higher moral authority.

…click on the above link to read the rest of the article…

Crisis After Crisis: 10 Years After the Crash, There’s No ‘Reforming’ Global Capitalism

Crisis After Crisis: 10 Years After the Crash, There’s No ‘Reforming’ Global Capitalism

global-financial-crisis-capitalism-globalization-finance

Shutterstock

It is now clear that financial crises are not discrete events but are linked phenomena that have been unleashed on the globe ever since the financial markets were liberalized during the Reagan-Thatcher era in the early 1980s.

To take just the three most prominent crashes, surplus capital that could not find profitable domestic outlets after the Japanese bubble burst in the late 1980s found its way as speculative capital into Southeast Asia, where it contributed to the Asian financial crisis in 1997-98. The Asian crisis, in turn, helped generate Wall Street’s implosion in 2008, owing to the Asian countries’ channeling the financial reserves they had accumulated to protect them from a repeat of 1997 into the United States — where they helped fuel the subprime real estate boom.

The turbulence that hit global stock markets last February, causing much fright and a paper loss of 4 billion dollars, was a reminder that the next big implosion may be just around the corner. A just concluded study by the Transnational Institute reveals that in 10 critical areas where major reform is needed, few to no measures have been taken to prevent a recurrence of 2007. These areas range from shadow banking to fractional reserve banking to international financial governance to central bank accountability.

Skating on Thin Ice Once More

So, not surprisingly, current indicators show that the world again is skating on thin ice.

First, the “too big to fail” problem has become worse. The big banks that were rescued by the U.S. government in 2008 because they were seen as too big to fail have become even more too big to fail, with the “Big Six” U.S. banks — JP Morgan Chase, Citigroup, Wells Fargo, Bank of America, Goldman Sachs, and Morgan Stanley — collectively having 43 percent more deposits, 84 percent more assets, and triple the amount of cash they held before the 2008 crisis.

…click on the above link to read the rest of the article…

Then They Came for the Globalists

Then They Came for the Globalists

Photo by Francisco Osorio | CC BY 2.0

Thank God for the corporate media. If it wasn’t for them, and the ADL, I’d have probably never discovered that I’m a Nazi. Apparently, I’ve been one for quite some time … which is weird, as I had no idea. Here I was, naively believing that I’d been writing about global capitalism and the realignment of political power and ideology in the post-Cold War world, when all along I had really just been persecuting the Jews. I didn’t think I was persecuting the Jews. But such is the insidious nature of thoughtcrime. When you’re a Nazi thought criminal (as I apparently am), it doesn’t matter what you think you’re thinking. What matters is what the global capitalist ruling classes tell you you’re thinking, which it turns out is often a lot more complicated and horrible than what you thought you were thinking.

For example, I’ve been thinking and writing about globalism, which most dictionaries define as “a national policy of treating the whole world as a proper sphere for political influence,” or “the development of socioeconomic networks that transcend national boundaries,” or something like that … which was more or less my understanding of the term. Little did I know that these fake “definitions” had been infiltrated into these dictionaries by discord-sowing Strasserist agents to dupe political satirists like myself into unknowingly spreading anti-Semitism as part of Putin’s Master Plan to destroy the United States of America and establish worldwide Nazi domination.

Fortunately, the lexicography experts in the corporate media and the Anti-Defamation League cleared that up for me earlier this month. According to these experts, words like “globalist” and “globalism” don’t really mean anything. They are simply Nazi code words for “the Jews.” There is actually no such thing as “globalism,” or “global capitalism,” or “transnational capitalism,” or “supranational quasi-governmental entities” like the International Monetary Fund, the World Trade Organization, the European Commission, and the European Central Bank … or, OK, sure, there are such entities, but there is no legitimate reason to discuss them, or write about them, or even casually mention them, and anyone who does is definitely a Nazi.

Now, imagine my horror when I took that in, especially given my repeated references to “the corporatocracy,” “global capitalism,” and “the global capitalist ruling classes” in the essays I’ve been publishing recently. I didn’t want to accept it at first, but the more “authoritative sources” I consulted, the more glaringly obvious my thoughtcrimes became.

…click on the above link to read the rest of the article…

 

Twenty-First-Century Fascism

Twenty-First-Century Fascism

Globalization of trade and central banking has propelled private corporations to positions of power and control never before seen in human history. Under advanced capitalism, the structural demands for a return on investment require an unending expansion of centralized capital in the hands of fewer and fewer people. The financial center of global capitalism is so highly concentrated that less than a few thousand people dominate and control $100 trillion of wealth.

The few thousand people controlling global capital amounts to less than 0.0001 percent of the world’s population. They are the transnational capitalist class (TCC), who, as the capitalist elite of the world, dominate nation-states through international trade agreements and transnational state organizations such as the World Bank, the Bank for International Settlements, and the International Monetary Fund.

The TCC communicates their policy requirements through global networks such as the G-7 and G-20, and various nongovernmental policy organizations such as the World Economic Forum, the Trilateral Commission, and the Bilderberger Group. The TCC represents the interests of hundreds of thousands of millionaires and billionaires who comprise the richest people in the top 1 percent of the world’s wealth hierarchy.

The TCC are keenly aware of both their elite status and their increasing vulnerabilities to democracy movements and to unrest from below. The military empire dominated by the US and the North Atlantic Treaty Organization (NATO) serves to protect TCC investments around the world. Wars, regime changes, and occupations performed in service of empire support investors’ access to natural resources and their speculative advantages in the market place.

When the empire is slow to perform or faced with political resistance, private security firms and private military companies (PMC) increasingly fulfill the TCC’s demands for the protections of their assets.

…click on the above link to read the rest of the article…

 

Global Capitalism and the Culture of Mad Violence

Global Capitalism and the Culture of Mad Violence

Mohsen Abdelmoumen: The concept of  “disposability” frequently returns in your writing, whether speaking of youth, politics, the future, etc. Why do you insist on this theme?

Henry Giroux: Global capitalism has taken on a range of characteristics that demand a new language for understanding such shifts along with the effects these economic, political, and pedagogical registers are having in different degrees upon those that bear the weight of its oppressive forces. Not only have we seen a separation of power, which is global, from politics, which is local, but we have seen a full-fledged attack on the social state, the rise of the punishing state, and the emergence of what might be called an authoritarian culture of cruelty. Under such circumstances, I have tried to capture the current savagery of various regimes of neoliberal capitalism by developing a paradigm that focused on the intensification of what I have called the politics of disposability.

Under neoliberalism, politics becomes an extension of war and those populations that do not contribute or buy into the notion that the only value that matters is exchange value are viewed as either useless or a threat to the ruling elites. One consequence is that within this new historical conjuncture, the practice of disposability expands to include more and more individuals and groups who have been considered redundant, consigned to zones of abandonment, surveillance, and mass incarceration.

Disposability is no longer the exception but the norm. As the reach of disposability has broadened to include a range of groups extending from college youth and poor minorities to the unemployed and members of the middle class who have lost their homes in the financial crisis of 2007, a shift in the radicalness and reach of the machinery of disposability constitutes not only a new mode of authoritarian politics, but also demands a new political vocabulary for understanding how the social contract has virtually disappeared while the mechanisms of expulsion, disposability, and state violence have become more integrated and menacing.

 

…click on the above link to read the rest of the article…

Olduvai IV: Courage
Click on image to read excerpts

Olduvai II: Exodus
Click on image to purchase

Click on image to purchase @ FriesenPress