Thursday, November 15, 2012

Crises in Capitalism

"For at least another hundred years we must pretend to ourselves and to everyone that fair is foul and foul is fair; for foul is useful and fair is not. Avarice and usury and precaution must be our gods for a little longer." -John Maynard Keynes (1931)
Today I would like to talk about economics and how it is affecting the world in which we all live. The financial meltdown of 2008 can now be seen in hindsight as merely the beginning of the drama that is still being played out today. As a direct result of this crises we have seen the collapse of several regimes in North Africa and South-West Asia as the economic pressures eventually erupted and flowed like lava onto the streets. It has also led to serious disruptions in the EU which could very well cause the dismantling, in part or in whole, of this economic union. Even in the most die-hard epicenter of Capitalism, America, there was an anti-capitalist movement that although utterly ineffectual did at least raise the issue of economic injustice.
For a world order that has been specifically oriented around the concept that capital needs to flow freely, it is fascinating to see the public's response to the reality of our economic system. People get angry when they don't know what to do, and this is why so many people are so upset about this crises. They seem to have some vague understanding that someone somewhere is profiting from all this, yet they are still powerless to challenge these shadowy figures, or to even understand how it is all happening. Just to be clear, I don't think I have the answer, but I do think I understand the question- Does anyone have a better idea?
Before that question can be posed, I think there needs to be a serious attempt at reality studies. By this I mean that deciding what are the most irrefutable desires of humans (ie liking being alive and disliking suffering) and if these can be met better by another economic order. Given the insatiable nature of human desire at present it seems probable that this system is best at mass producing consumables and distributing them. It is profoundly naive to assume that we can change our current order without taking the incredibly difficult task of inventing a new system which will be more appealing to the majority of earths humans. As a historian it is amusing to me that people are willing to organize for perceived political issues but are unwilling to organize themselves in order to engage in alternate economic activity. We are creatures of habit I suppose, but as a wise man once noted, the world is a "system in perpetual search for novelty". 

1 comment:

Anonymous said...

A wise man indeed.