Revaluing Capitalism for the Long-Term?

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A Socialist Project e-bulletin ... No. 1929 ... November 11, 2019
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Revaluing Capitalism for the Long-Term?

Kyle Bailey

In the wake of the 2007--08 financial crash, the mainstream debate has not focused on the choice between socialism or barbarism, but rather on ‘reinventing capitalism’.

Faced with a populist ‘other’ ranging from ‘Trump and Brexit’ to the popular but as-yet-ill-defined ‘socialism’ of Corbyn and Sanders, the liberal bourgeoisie in the Atlantic heartland of the global political economy has sought to reassert its waning hegemony by way of a resurgent capitalist internationalism. They fear that neoliberal globalization’s intensifying legitimation crisis will lead the growing masses ‘left behind’ by economic stagnation, social inequality, and environmental injustice to ‘scapegoat’ the capitalist system by embracing the ‘totalitarianism’ of the radical left or extreme right.

In response, a leading fraction of the capitalist class has cohered around a hegemonic project of economically ‘long-term’, socially ‘inclusive’, and ecologically ‘sustainable’ capitalism as the apparent solution to the system’s multidimensional and overdetermined organic crisis.

Economically ‘long-term’ means empowering ‘non-financial’ corporate executives and their managerial cadres against ‘the capitalist threat to capitalism’ posed... by financial short-termism. Socially ‘inclusive’ means responsibility to multiple stakeholders, rather than just to shareholders. And ecologically ‘sustainable’ means something like a Green New Deal for global neoliberalism.

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