![]() This turmoil originates from deep instabilities within capitalism, the global economic system that dominates our planet. Here’s one explanation: The devastating quaking of the financial markets, and the lingering aftershocks we’re experiencing in layoffs and cut-backs, are manifestations of much larger tectonic shifts under the surface of the economy. On the contrary, the End of Capitalism Theory insists there are deeper explanations for why this crisis is so severe, widespread, and long-lasting. This is why there is such an abundance of essays and videos analyzing “credit default swaps”, “collateralized debt obligations,” etc., as if this crisis is about nothing more than greedy speculators overstepping their bounds. Even progressive intellectuals, who aim to translate and explain the crisis to regular folks, too often fall into the trap of accepting elite explanations as the starting point and then injecting their politics around the edges. Especially since knowledge of economics has become so enclosed within academic and professional channels where it’s off-limits to the majority of the population. It’s not immediately obvious why this crisis began and why, two years later, it’s not getting better. ![]() Is there something different about the present crisis? What makes the end of capitalism a possibility now?ĪK: This is such an important question, and it’s vital to think and talk about the crisis in this way, with a view toward history. MC: Capitalism has faced many moments of crisis over time. ![]() Scroll to the bottom for links to the other sections. This is the second part of a four-part interview. ![]() Alex Knight was questioned about the End of Capitalism Theory, which states that the global capitalist system is breaking down due to ecological and social limits to growth and that a paradigm shift toward a non-capitalist future is underway. The following exchange between Michael Carriere and Alex Knight occurred via email, July 2010. ![]()
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