chapter  9
16 Pages

The Collapse of Global Capitalism and the Movement Toward Socialism in the Twenty-first Century: New Beginnings

The current global economic crisis is a crisis of the entire global capitalist system, and thus it affects all of the system’s components and institutions-i.e., capital, middle class, working class, and poor people in the United States and around the world, markets, governments, social institutions, civil society and political organizations, and the planet. Systemic crisis exacerbates and exposes the ever starker contradictions of society-of great abundance on a global scale of all the things people require, but of great want, deprivation, exploitation and oppression. Vanishing jobs, plummeting wages, soaring poverty, a broken social contract and neoliberal policies, growing militarism and police repression are a daily reality for U.S. workers and the vast majority of the world’s peoples. Because of the historic legacy of white supremacy, black and indigenous peoples and immigrant communities are disproportionately affected by these multiple crises. In addition, patriarchy results in working class women and children being among the most impoverished and oppressed. At the same time wealth and power are being concentrated among an ever smaller class of global capitalists, who are using global institutions and their national governments to bailout capital’s global financial institutions and corporations and to wage war to advance the latter’s class interests (Amin 2003, Berberoglu 2009, Magdoff and Yates 2009).