"From the Financial Times to the far left, tons of ink has been
spilt writing about some variant of the “Crises of Global Capitalism”. While
writers differ in the causes, consequences and cures, according to their
ideological lights, there is a common agreement that “the crises” threatens to
end the capitalist system as we know it.
There is no doubt that, between 2008-2009, the capitalist
system in Europe and the United States suffered a severe shock that shook the
foundations of its financial system and threatened to bankrupt its ‘leading
sectors’.
However, I will argue the ‘crises of capitalism’ was turned
into a ‘crises of labor’. Finance capital, the principle detonator of the crash
and crises, recovered, the capitalist class as a whole was strengthened, and
most important of all, it utilized the political, social, ideological conditions
created as a result of “the crises” to further consolidate their dominance and
exploitation over the rest of society.
In other words, the ‘crises of capital’ has been converted into
a strategic advantage for furthering the most fundamental interests of capital:
the enlargement of profits, the consolidation of capitalist rule, the greater
concentration of ownership, the deepening of inequalities between capital and
labor and the creation of huge reserves of labor to further augment their
profits.
Furthermore, the notion of a homogeneous global crisis of
capitalism overlooks profound differences in performance and conditions, between
countries, classes, and age cohorts.
The Global Crises Thesis:The Economic and Social
Argument
The advocates of global crises argue that beginning in
2007 and continuing to the present, the world capitalist system has
collapsed and recovery is a mirage. They cite stagnation and continuing
recession in North America and the Eurozone. They offer GDP data hovering
between negative to zero growth. Their argument is backed by data citing double
digit unemployment in both regions. They frequently correct the official data
which understates the percentage unemployed by excluding part-time, long-term
unemployed workers and others. The ‘crises’ argument is strengthened by citing
the millions of homeowners who have been evicted by the banks, the sharp
increase in poverty and destitution accompanying job loses, wage reductions and
the elimination or reduction of social services. “”Crises” is also associated
with the massive increase in bankruptcies of mostly small and medium size
businesses and regional banks..."
