67.The crisis overdetermines all of world politics
April 20, 2009 § Leave a comment
The problem is that the current situation is a continuation of the conditions and dynamics that caused WWI and WWII
It is not a short cycle crisis. The financial crisis is coinciding with and aggravating a general crisis of overproduction. The paralysis of credit is gradually reducing economic activity. The crisis has spread to the whole world. Its scale is comparable with that of 1929, but unlike in 1929, the crisis is total. The capitalist mode of production has been extended to the entire world economy. Capitalist globalisation has constituted a world market in commodities, imposed a movement of generalized “re-commoditisation” and created the conditions of a world labour market.