A worth-to-read-these-days article from MRZine, based on a lecture which Rick Kuhn, Reader in Political Science at the ANU, will deliver in London on 7 November. Kuhn presents a solid panoramic view of the recurrent crisis of capitalism and analyzes the “chaotic essence” of the dominant economic system which is “destined” to collapse totally in this century and transform into a new, “hybrid thing”. The below clip includes the few paragraphes that I picked but the entire article is highly recommended. A good read indeed.
clipped from mrzine.monthlyreview.org
Don’t panic! That’s the panicked cry of governments and central bankers around the world. Meanwhile their behaviour shows that they expect a very, very deep recession.
More ‘transparency’ and better regulation of banking won’t deal with the underlying issue which is low average rates of profit across the global economy.
Capitalism has a tendency to break down that is expressed in deep crises like the current one. Grossman argued that

capitalist production is characterized by insoluble conflicts. Irremediable systemic convulsions necessarily arise . . . from the immanent contradiction between value and use value, between profitability and productivity, between limited possibilities for valorisation and the unlimited development of the productive forces.

The fact that production is organised not to satisfy human needs but to make profits for the capitalist class is the ultimate cause of the system’s recurrent crises.