Contemporary Capitalism

Yearbook

  • Capitalism's Crisis of the Century
  • There is still no end in sight to the global financial crisis that has been raging for over a year. The potential for crisis will continue to preoccupy financial markets and investors until well into 2009 and hover over the stock markets like the sword of Damocles. The capitalist world system is being shaken by the most severe turbulence in the financial system since the world economic crisis of 1929.  
  • The Impact of Finance on the European Social Models
  • 1. Introduction The purpose of this article is to present some empirical data (section 2) and a conceptual framework (3) for the development of finance during the last three decades, to shed some light on the main groups of financial investors as the central...
  • Fighting Plant Closures
  • The crisis on the international financial markets has had a powerful impact on the real economy. The explosive nature of the situation is produced by two crises coming together and to a certain extent reinforcing each other: asset losses, indebtedness and the credit crunch on one side, and faltering accumulation processes in the economic downturn on the other.  
  • Economic Democracy: A Crisis Alternative
  • On June 22, 2009, at the initiative of Espaces Marx (transform!) and the regional government of the Île de France, labour leaders, elected officials, scholars and representatives of civil society met to discuss economic democracy as an alternative to the...
  • The State and the Economic Crisis of 2008
  • The state in the neoliberal era In the tradition of Foucault, the state is not understood as a rational agent located outside of society, aiming to serve dominant class interests. It is rather a source of power diffused within institutions and social practices....
  • Europe in the Crisis - On the Road to Breakup?
  • In the current economic crisis, the character of the European Union as a “project of the elites” is clearly revealed. Now it comes back to haunt us that “… at the turning points of the unification process European policy has never before been as unabashedly...
  • The Crisis of Capitalism and Post-Capitalist Horizons
  • Introduction A century ago, Rosa Luxemburg expressed humanity’s historic dilemma in these terms: socialism or barbarism. Now, the global crisis underlines the urgent need to create objective and subjective conditions which guarantee a successful way out of the...
  • Present and Future Impact of the Crisis
  • United Nations Conference on the Financial Crisis and its Impact on Development – New York, June 24-26 2009 Much has been said of the impact of the crisis on the foundations of the economy and of its social consequences, arising from the artificial and unequal...
  • Can PIGS Fly?
  • ”Thinking again?” the Duchess asked, with another dig of her sharp little chin. ”I’ve a right to think,” said Alice sharply, for she was beginning to feel a little worried. ”Just about as much right,” said the Duchess, “as pigs have to fly....” Lewis Carroll,...
  • Europe in the Great Crisis
  • For years the EU-Commission has been complaining about society in the Euro-zone being divided into two classes. The gap between those Euro-states able successfully to compete, with Germany as the market leader, on the one hand, and, on the other hand, those...
  • Why Germany and the Euro-Countries Need Another Europe
  • The Euro-zone is undergoing a crucial test. A number of member states are unable to get out of the debt trap on their own. The major reason for the record deficits has to do with the superiority of the German economy, which right from the start has been the major...
  • Europe in the Centre of the New Phase of the Big Crisis
  • We are in the deepest crisis in the history of the European Union. Only if both the governments of member-states and European institutions act decisively, can we get out of it. European countries can only regain their credibility when they move closer together...
  • The Crisis of Europe: Elements of a Political Strategy
  • At the time of this writing, Europe is becoming increasingly unstable and no one can predict the scenario of the coming weeks. It is safe to predict that we are heading for a series of tragedies. The great crisis that we are experiencing is the result of nearly...
  • Economic Democracy – An Alternative for Europe?
  • Updating considerations of economic democracy does not happen by mere coincidence, but represents historically specific attempts1 to provide answers to fundamental processes of transformation in times of crisis (Castel 2011) accompanied by massive failures of...
  • Hegemony and Neoliberalism
  • The very name of the seminar “Political Mindsets – Development of Political and Cultural Hegemony in Conjunction with the Crisis – New Challenges Posed to the Left”, which was held in Paris last September, invited us to think about “hegemony” and, more exactly to interpret the European elections (in Greece, Denmark, Spain, etc.) as confirming neoliberal hegemony.
  • Critical Reflections on a Historic Crossroads
  • Globalisation is a historically constituted phenomenon, a stage in capitalism’s becoming the world. It cannot be reduced to the simple connecting of national markets. On the economic level it indicates the creation of a true world market that is de-segmented and decompartmentalised, transmitting goods, services, capital’s factors of production, people, ideas and values.
  • Ways Out of Secular Stagnation?
  • In its Fall 2016 prognosis for the capitalist economy, the International Monetary Fund (IMF) has notably scaled back its growth prediction for the USA. Sluggish investments – possibly also due to insecurity over the country’s future political leadership – have...

Focus

  • Europe, the Crisis, Divisions, Alternatives, Strategic Issues
  • This text has benefited from the seminar on crisis organized by transform! in Vienna in January 2010 and has been enriched from a debate carried out in the Managing Board of transform! europe and particularly thanks to the useful remarks of Walter Baier, Stephen...

Blog

  • Fighting Plant Closures
  • Results of a study from Germany The crisis on the international financial markets has had a powerful impact on the real economy. The explosive nature of the situation is produced by two crises coming together and to an extent reinforcing each other: asset...
  • Models of Capitalism in Europe
  • Seminar of the Dynamo-Group hosted by transform! europe, Paris, 18-19 March 2011 Publication: A triumph of failed ideas. European models of capitalism in the crisis
  • Consciousness in Europe in the Crisis
  • Organized by Espaces Marx and transform! europe, the workshop entitled “Consciousness in Europe in the Crisis: Resignation and Rebelliousness faced with Capitalist Domination” gathered public-opinion specialists from Greece, Germany and France – as well as social scientists.
  • Predatory Capitalism and the System’s Denial in the Face of Truth
  • Contemporary capitalism is characterized by a political economy which revolves around finance capital, is based on a savage form of free market fundamentalism, and thrives on a wave of globalizing processes and global financial networks that have produced global economic oligarchies with the capacity to influence the shaping of policymaking across nations.
  • Modern Capitalism = An Oligarchic Society?
  • Thomas Piketty, an economist who has for several years been dealing with the relations of distribution in capitalist societies, a field probed by Anthony Atkinson and Emmanuel Saez, has triggered a breach with traditional valuations and social perspectives in both science and public discussion.
  • The Beginning of the New Grand Game
  • The article deals with geopolitical aspects of new trade blocks that are either being negotiated or already in existence. The crisis of the multilateral trade system and the inability to accomplish the Doha round led in first place to an immense spread of free trade area agreements. However, as a reaction to a continuing bad economic situation in the West, together with increasing coordination of the BRICS countries, new trade blocks are being built.

Publication

  • Public Debt and Austerity in the EU
  • Elena Papadopoulou and Gabriel Sakellaridis (eds.), The Political Economy of Public Debt and Austerity in the EU, Athens: Nissos Publications 2012, 290 p., ISBN: 9-789609-535465
  • Positions of the German Economic Associations Regarding Crisis Policies
  • How can the European and crisis policies of the German government be explained? Which interests do these policies serve and which social forces can they rely on? Which contradictions play a role? Which forces are in opposition to the government’s policies? In this contribution to a historical-materialist explanation of European crisis policies results from a study of the positions held by German employers’ associations are presented.