The Permanent Crisis, Decline and Transition of Capitalism

Abstract

Capitalism has become progressively more unstable since the welfare state became attenuated and the Cold War ended. Finance capitalism was restored, and monopolistic competition has been rejuvenated. Economic control is more concentrated than ever. The reserve army of labour has been partially restored, and investment controlled. In turn that led to vast accumulations of money in banks, private equity and other forms of money holding, while the economy ultimately fell into its crisis. Austerity has failed to hold the fort, leading to a combination of concessions to the far right while maintaining austerity. There have been no concessions to deal with the overall stagnation, real mass unemployment and low productivity. The logic of the situation leads to increased disintegration combined with repression and a slow-growing mass movement of the working class. There are no more intermediate stages to socialism.