Thought-Factory.net Philosophical Conversations Public Opinion philosophy.com Junk for code
hegel
"When philosophy paints its grey in grey then has a shape of life grown old. By philosophy's grey in grey it cannot be rejuvenated but only understood. The owl of Minerva spreads its wings only with the falling of dusk." -- G.W.F. Hegel, 'Preface', Philosophy of Right.
RECENT ENTRIES
SEARCH
ARCHIVES
Library
Links - weblogs
Links - Political Rationalities
Links - Resources: Philosophy
Public Discussion
Resources
Cafe Philosophy
Philosophy Centres
Links - Resources: Other
Links - Web Connections
Other
www.thought-factory.net
'Constant revolutionizing of production, uninterrupted disturbance of all social conditions, everlasting uncertainity and agitation distinquish the bourgeois epoch from all earlier ones ... All that is solid melts into air, all that is holy is profaned.' Marx

capitalism crashes « Previous | |Next »
December 26, 2008

Over at The Pinocchio Theory Steven Shavio observes about what has been called “irrational exuberance.”

Nobody should be all that surprised by the recent unraveling of the financial system. Crises are endemic to capitalism, as Marx argued long ago, and as generations of Marxist economists since have repeatedly demonstrated. Capitalism often has periods of dynamic growth; but these tend to turn into crises of underconsumption, or of overproduction and/or the overaccumulation of capital, because the very processes that boost productivity and profit end up increasing the imbalance between what is produced, and what workers and consumers are able to afford to buy. For a while this imbalance is alleviated by easy credit — consumers are able to buy beyond their means, and businesses are able to produce even more — but eventually the mismatch is replicated on a larger scale, and the whole house of cards tumbles down.

So we have the spectacle of financial meltdown and actual human misery--- homelessness, penury, and misery--- that the former caused.

| Posted by Gary Sauer-Thompson at 9:09 PM |