Magazine article Foreign Policy

Capitalism

Magazine article Foreign Policy

Capitalism

Article excerpt

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One might think that a crisis brought on by rapacious, unregulated capitalism would have changed a few minds about the fundamental nature of the global economy.

One would be wrong. True, there is no lack of anti-capitalist sentiment in the world today, particularly as a crisis brought on by the system's worst excesses continues to ravage the global economy. If anything, we are witnessing an overload of critiques of the horrors of capitalism: Books, newspaper investigations, and TV reports abound, telling us of companies ruthlessly polluting our environment, corrupted bankers who continue to get fat bonuses while their banks are bailed out by taxpayer money, and sweatshops where children work overtime.

Yet no matter how grievous the abuse or how indicative of a larger, more systemic failure, there's a limit to how far these critiques go. The goal is invariably to democratize capitalism in the name of fighting excesses and to extend democratic control of the economy through the pressure of more media scrutiny, parliamentary inquiries, harsher laws, and honest police investigations. What is never questioned is the bourgeois state of law upon which modern capitalism depends. This remains the sacred cow that even the most radical critics from the likes of Occupy Wall Street and the World Social Forum dare not touch.

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It's no wonder, then, that the optimistic leftist expectations that the ongoing crisis would be a sobering moment--the awakening from a dream--turned out to be dangerously shortsighted. The year 2011 was indeed one of dreaming dangerously, of the revival of radical emancipatory politics all around the world. A year later, every day brings new proof of how fragile and inconsistent the awakening actually was. The enthusiasm of the Arab Spring is mired in compromises and religious fundamentalism; Occupy is losing momentum to such an extent that the police cleansing of New York's Zuccotti Park even seemed like a blessing in disguise. It's the same story around the world: Nepal's Maoists seem outmaneuvered by the reactionary royalist forces; Venezuela's "Bolivarian" experiment is regressing further and further into caudillo-run populism; and even the most hopeful sign, Greece's anti-austerity movement, has lost energy after the electoral defeat of the leftist Syriza party.

It now seems that the primary political effect of the economic crisis was not the rise of the radical left, but of racist populism, more wars, more poverty in the poorest Third World countries, and widening divisions between rich and poor. …

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