I think it important not to confuse _capitalist relations of production_ or "the capitalist system," with the fortunes of the 'economy.' I don't myself see why an economic slump, of any proportion, is necessarily a "defeat" or even a weakening of capitalism as a system. If you read histories or fiction of the 19th-c century it is clear that immense misery characterized substantial portions of the population even during 'boom times.' And of course this is still true. There are 6+ billion of us. What was the number who enjoyed security even during any of the recent booms?
Whether the writer intends it or not, descriptions of economic troubles can all too easily seem to support the 2d International assumption that "History will do if for us." Note that that is also the assumption of Kipling's "White Man's Burden." Carrol Carrol _____ From: pen-l-boun...@lists.csuchico.edu [mailto:pen-l-boun...@lists.csuchico.edu] On Behalf Of robert mckee Sent: Thursday, May 03, 2012 9:45 AM To: pen-l@lists.csuchico.edu Subject: [Pen-l] The long depression - the waste of capitalism http://thenextrecession.wordpress.com/2012/05/03/the-long-depression-the-was te-of-capitalism/ World capitalism's recovery from the Great Recession is the weakest turnaround from a slump since the 1930s. In effect, world capitalism, at least its mature capitalist economies, is in a long depression. In many economies, the previous peak in output before the slump has not been surpassed.
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