A System in Crisis: The Dynamics of Free Market Capitalism by Henry Veltmeyer, James F. Petras

By Henry Veltmeyer, James F. Petras

Mounting hostility to the hegemony of the USA; tumbling inventory markets; environmental destruction; gradual financial development, exceptional source of revenue inequality, and transforming into poverty: whatever basic is inaccurate, argue Petras and Veltmayer.

They assert that globalization is a trifling euphemism for capitalism in its present worldwide, imperialist projection. They express how resistance to capitalist globalization is being equipped between very different social sectors, from rural peasants to the center classification in prosperous nations of the North. They finish their research via assessing the probabilities for unifying the various forces of competition to neoliberalism, capitalism and imperialism and the clients for an alternate socialist type of improvement.

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The highly restrictive nature of neomercantilist policies polarizes an economy between local producers and the imperial state-backed monopolies. The highly visible role of the imperial state in imposing the neomercantilist system politicizes the growing army of unemployed and poorly paid workers, peasants and public employees. The decline and collapse of overseas markets means that less foreign exchange can be earned to pay foreign debts. Less exports sold means less capacity to import essential foodstuffs and capital goods to sustain production.

Opportunities come from the fact that the resurgent Left has not suffered a major defeat during this period (comparable to 1972–76) and is in a strong position to make a leap from protest to power. Neoliberal regimes have failed to find overseas markets to sustain domestic production and to locate new flows of capital to compensate for the vast outflows in debt payments, profit remittances etc. The prolonged depression in Argentina is emblematic of the direction in which all of Latin America is heading.

This polarization has not yet produced any serious organizational challenge to client rulers, of which the key Saudi monarchy is most vulnerable. The military victory of the United States and its client “Northern Alliance” and the resultant Muslim coalition regime could dissipate amorphous Muslim mass opposition. However, the opposition of the EU and Arab states was activated as Washington extended its war to Iraq and destabilized European oil suppliers. However, these and other secondary conjunctural contradictions will not undermine Washington’s imperial drive.

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