Is Capitalism in Crisis? Latest Trends of a System Run Amok

Capitalism has always been a highly irrational socio-economic system, but the constant drive for accumulation has especially run amok in the age of high finance, privatization and globalization.Capitalism has always been a highly irrational socioeconomic system, but the constant drive for accumulation has especially run amok in the age of high finance, privatization and globalization. (Image: Pixabay; Edited: JR / TO)

In a new book of interviews with C.J. Polychroniou, Noam Chomsky discusses capitalism, US imperialism, Black Lives Matter, the refugee crisis and cracks in the European Union, the dysfunctional US electoral system, the climate crisis and why he chooses Optimism Over Despair. Get the book and support the publication of more stories like this by donating to Truthout!

Having survived the financial meltdown of 2008, corporate capitalism and the financial masters of the universe have made a triumphant return to their “business as usual” approach: They are now savoring a new era of wealth, even as the rest of the population continues to struggle with income stagnation, job insecurity and unemployment.

This travesty was made possible in large part by the massive US government bailout plan that essentially rescued major banks and financial institutions from bankruptcy with taxpayer money (the total commitment on the part of the government to the bank bailout plan was over $16 trillion). In the meantime, corporate capitalism has continued running recklessly to the precipice with regard to the environment, as profits take precedence not only over people but over the sustainability of the planet itself.

Capitalism has always been a highly irrational socioeconomic system, but the constant drive for accumulation has especially run amok in the age of high finance, privatization and globalization.

Today, the question that should haunt progressive-minded and radical scholars and activists alike is whether capitalism itself is in crisis, given that the latest trends in the system are working perfectly well for global corporations and the rich, producing new levels of wealth and increasing inequality. For insights into the above questions, I interviewed David M. Kotz,…

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