"What Wall Street did was intentional and criminal: it financially engineered a toxic subprime house of cards which it knew from its own internal reviews was going to collapse; it then molded the toxic product into inscrutable bundles; it sold the bundles to unsuspecting investors around the globe while making side bets that it would all come crashing down. Then, after causing the greatest financial collapse in the United States since the Great Depression, Wall Street's unrepentant scoundrels paid themselves billions of dollars in bonuses with taxpayer bailout funds."|
When we examine the dictionary definition of capitalism as the private ownership of the means of production, it can seem innocuous. However, since the amalgamation of its modern features (corporations, banks, and factories) in the sixteenth century it has manifested as the exploitation and murder of workers worldwide.
As with any historical phenomenon, we must evaluate capitalism not in theory but in relation to what it has produced and continues to produce. In this light, capitalism must be seen as not just regretfully incompetent or woefully inadequate, but as a totally failed system! 1
Capitalism is the ONLY economic system in effect throughout the world; there are no nations in which either socialist or communist economic systems are in force. Even China now suffers under a state capitalist system and helps to prop up other capitalist nations such as the United States.
"China is the cheap-labor foundation upon which the survival of world capitalism presently depends. Subtract China from the equations of modern world economy and what would be the present position of American capitalism?"
David North, The Crisis of American Democracy
"A basic measure of the viability of a political and social system is the position of the youth. A society that holds out for the younger generation prospects that are worse than those held out to their parents and grandparents is a society that has ceased to progress and begun to regress--one that has lost any claim to historical legitimacy.|
"How does contemporary capitalism measure up to this standard? Five years after the economic collapse of 2008, young people have suffered a decline on a global level that in many ways is without historical precedent. By every measure--employment prospects, income, home ownership, indebtedness--conditions are far worse today than at any time since the 1930s. And there is no prospect of recovery."
All nations of the world at present, including the United States, are under the domination of some form of totalitarian 2 political system. Reactionaries like to pretend that China and Russia are "communist" countries, but both are actually politically totalitarian and economically capitalist. Nations such as Britain, Italy, France, Denmark, Sweden, and Norway once had some elements of state ownership of public enterprises (e.g. postal service) mixed with their capitalist economies, but most facets of their social welfare systems have now been dismantled. Capitalism is the only game in town, worldwide, and must accept blame for the impoverishment, homelessness, joblessness, and murder of workers that is now running rampant.
In this essay we'll examine some of the false justifications and counterfeit distinctions that apologists use to try to prop up and justify their totally failed predatory capitalist "system."
"Regardless of the dissembling of corporate-state propagandists, free-market capitalism has always been a government-subsidized, bubble-inflating, swindlers' game, in which, psychopathic personalities (not 'job creators' but con-job perpetrators) thrive.|
"By the exploitation of the many, a ruthless few have amassed large amounts of capital by which they dominate mainstream narratives and compromise elected and governmental officials, thereby gaming the system for their benefit.
"Historically, the system has proven so demeaning to the majority of the population that the elite, from time to time, have, as a last resort, due to fear of a popular uprising, introduced a bit of socialism into the system, allowing a modicum of swag to funnel downward . . ."
The Corporation As Person
11/14/2017: Capitalism doesn't work
10/6/2017: World Socialist interview with Chris Hedges
9/17/2017: Abolishing capitalism
12/24/2011: Vampires pretend to correct capitalism's defects
1 Failed system: a technical term within systems engineering
Failure recovery: a procedure that allows for restart of a failed system in a way that either eliminates or minimizes the amount of incorrect system results
Capitalism is a system which has failed so totally and so systemically that it does not allow for failure recovery
Systemically: relating to or affecting the entirety of an organism or element
2 Totalitarianism: fascistic dictatorship; a regime based on subordination of the individual to the state and strict control of all coercive measures such as censorship and state terrorism (think Patriot Act); the political concept that the citizen should be totally subject to an absolute state authority