From the “Golden” to the Dark Ages of Capitalism
Introduction: The economic, political and social outlook for the second decade of the 21st century is profoundly negative. The almost universal consensus, even among mainstream orthodox economists, is pessimistic regarding the world economy.
Although, even here, their predictions understate the scope and depth of the crises, there are powerful reasons to believe that beginning in the second decade of this century, we are heading toward a steeper decline than what was experienced during the Great Recession of 2008 – 2009. With fewer resources, greater debt and increasing popular resistance to shouldering the burden of saving the capitalist system, the governments cannot revive the economic system.
Many of the major institutions and economic relations which were cause and consequence of world and regional capitalist expansion over the past three decades are in the process of disintegration and disarray. The previous economic engines of global expansion, the US and the European Union, have exhausted their potentialities and are in open decline. The new centers of growth, China, India, Brazil, Russia, which provided a new impetus for world growth during the first decade are de-accelerating rapidly and will continue to do so throughout the new decade. Read more
