The capitalist life crisis

by Jeff Noonan The failure of the Durban Conference on Climate Change, (December, 2011) to agree to anything more substantial than that all nations would work together to develop binding targets for reduced greenhouse gas emissions by 2015 is a metonym for the life-crisis besetting globalised capitalism.[1] Because global capitalism subordinates what John McMurtry calls “life-value”  to the expansion and accumulation of  money-value, it progressively undermines the conditions of planetary life-support, human life-requirement satisfaction, and meaningful human life-capacity development and enjoyment.[2]  Resources, relationships, practices, norms, institutions, and forms of life-activity have life-value when they:  a) satisfy objective requirements of human … Continue reading The capitalist life crisis

A Marxian interpretation of the economic crisis

by Stephen Resnick and Richard Wolff Two different and contending mainstream theories have explained capitalism’s repeated crises over the last century. Each time each theory proposed correspondingly different solutions. Today’s crisis is no exception. One theory—called, after one of its founders, “Keynesian economics”—claims that unregulated private markets inevitably yield price movements that react back on the decisions of businesses, workers, and consumers to produce out-of-control price spirals. These periodically push the economy into inflations, recessions, or even depressions. Without intervention from outside, capitalism’s private economy may remain depressed or inflated long enough to threaten capitalism itself. Keynesian—or now more generally … Continue reading A Marxian interpretation of the economic crisis