Patrick Bond:
>
> Comrade Nestor, was that "mass" not merely the symptom; surely
> the cause was the growing crisis of overaccumulation of capital in
> general, which translated into liquidity not merely in terms of
> petrodollars, but soon enough -- combined with financial
> deregulation (reflecting rising power of financiers) -- into massive
> debt loads in virtually all sectors of economy and society. I always
> fear "roots of crisis" argumentation that STOPS at petrodollars,
> rather than continuing through to the other structural problems
> in the world economy that were becoming evident even before 1973.
Surely we agree that petrodollars, the eurodollar overhang etc, were symptoms (as
well as proximate causes of later events), but symptoms of what? 'Over-accumulation'
is necessary but insufficient to explain general crisis. If capital cannot be
valorised, the points to deeper problems within the mode of production. 'Rising
organic composition of capital' is also not sufficient to explain the total process.
Mark
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