Monday, July 05, 2010

Capitalism in Crisis

As Marx predicted, Capitalism has been a crises prone economic system since its beginnings. Bascially, capitalism has an inherent contradiction between accumulation of capital/profit and increasing demand (wages, etc.) which creates a constant struggle between labor and capital. Here's a video presentation of radical Marxist sociologist David Harvey summarizing the Marxist analysis of the crises of capitalism:

Here's more evidence of the growing crises and the class struggle between labor and capital:

U.S. Experiencing the Worst Period of Prolonged Unemployment Since the Great Depression

Brutal Unemployment Report: Economy Sheds 125,000 Jobs

Unemployment Rate Above 10% for Past Year

The Unemployment Crisis in Charts

On the Road to a Jobless Recovery

Myths of Austerity

No Age of Austerity for the Rich

Sticking the Public for the Bill for the Bankers' Crisis

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