This is a must read book for those seeking answers to the current crisis in world capitalism. With the economic meltdown of 2008, the very future of the system of international finance capital has been thrown into question....
Goldstein, utilizing marxist economic analysis, has approached this crisis from the standpoint of those who are most seriously affected: the working class, the nationally oppressed and women. The author makes the case in very simple and straight forward language that the crisis is one of capitalist overproduction.
According to Goldstein: "This cycle dictates that, during periods of capitalist expansion, the powers of production increase ever more rapidly while the powers of consumption of society expand only gradually. Sooner or later production outstrips consumption. Profit does not arrive in corporate bank accounts until sales take place. If commodities cannot be sold at a profit, inventories pile up, production stops, workers are laid off, and a crisis ensues. That is the crude dynamic of the capitalist crisis of overproduction." (pp. xi-xii)....
Not only does Goldstein analyze the character of the modern-day capitalist crisis but he is bold enough to put forward a set of possible demands that can serve as a rallying point for a national and international fightback movement. Looking at the recent struggles that have taken place over the last three decades during the decline, he firmly believes that the present crisis can be reversed through a proactive approach by the working class and the oppressed. read the full review
Labels: Abayomi Azikiwe, capitalism, economic crisis, financial crisis, fred goldstein, low wage capitalism, socialism, wall street
