ABSTRACT
This article analyzes and theorizes the global crisis from the perspective of global capitalism theory. The crisis is unprecedented, given its magnitude, its global reach, the extent of ecological degradation and social deterioration, and the scale of the means of violence. If we are to avert disastrous outcomes, we must understand the nature of the new global capitalism as well as its crisis. The system-wide crisis will not be a repeat of earlier such episodes of crisis in the 1930s and the 1970s precisely because world capitalism is fundamentally different in the early twenty-first century. Among the qualitative shifts in the global system this article highlights are: (1) the rise of truly transnational capital and the integration of every country into a new globalized production and financial system; (2) the appearance of a transnational capitalist class; (3) the rise of transnational state apparatuses; (4) and the appearance of novel relations of inequality and domination in global society. The current crisis shares several aspects with earlier structural crises of the 1970s and the 1930s but also several features unique to the present: (1) the system is fast reaching the ecological limits of its reproduction; (2) the unprecedented magnitude of the means of violence and social control, as well as the concentrated control over the means of global communications and the production and circulation of symbols; (3) limits to the extensive and intensive expansion of capitalism; (4) the rise of a vast surplus population inhabiting a ‘planet of slums’; (5) the disjuncture between a globalizing economy and a nation-state based system of political authority. The discussion draws on theories of over-accumulation and legitimization crises. It shows how in the face of stagnation pressures, the system turned to three mechanisms at the turn of the century to sustain the global economy: militarized accumulation, frenzied worldwide financial speculation, and the raiding and sacking of public budgets. The article discusses how diverse social and political forces are responding to the crisis, explores alternative scenarios for the future, and warns of the danger of a ‘twenty-first century fascism’. Finally, the article10 examines the role of organic intellectuals in public interpretations of the crisis and possible solutions.
