chapter  5
16 Pages

Capitalism in the Second Decade of the Twenty-First Century: From the Golden Age to the Dark Ages

Wall Streeter's in Treasury give highest priority to Wall Street survival, recovery and expansion of profits. A report in the Financial Times entitled appropriately Manhattan Transfer provides typical illustrations of the Treasury-Wall Street revolving door. The policy results of the Wall Street-Treasury revolving door are clear and provide us with a framework for understanding why the profit crisis has vanished and the crisis of labor has deepened. Capitalism has demonstrated conclusively that it requires and thrives on exploitation and the degradation of both workers and the environment. Socialism is no longer the scare word that it was in the past, demonized and used as an ideological weapon to support capitalism as the only way forward. Socialism would also replace the everyday terror of dismissal from work, and the economic insecurity endemic to unregulated capitalism, with the security that brings respect to the workplace, dignity and human flourishing.