By Henry Veltmeyer, James F. Petras
Mounting hostility to the hegemony of the U.S.; tumbling inventory markets; environmental destruction; slow fiscal progress, remarkable source of revenue inequality, and transforming into poverty: anything basic is inaccurate, argue Petras and Veltmayer.
They assert that globalization is an insignificant euphemism for capitalism in its present international, imperialist projection. They express how resistance to capitalist globalization is being equipped between very different social sectors, from rural peasants to the center category in prosperous nations of the North. They finish their research by means of assessing the chances for unifying the varied forces of competition to neoliberalism, capitalism and imperialism and the clients for an alternate socialist type of improvement.
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Additional resources for A System in Crisis: The Dynamics of Free Market Capitalism
Under US direction the Colombian air force violates the airspace over the demilitarized zone where the FARC and the Pastrana regime negotiate. Illegal cross-border forays into the zone have led to conflicts. The US State Department’s labelling of FARC/ELN as terrorists puts them on the list of targets to be assaulted by the US military The Imperial Counteroffensive / 33 machine. Under the Bush-Rumsfeld doctrine, half of Colombia is a haven for terrorists and thus subject to total war. War fever caused the State Department to send an official delegation to Venezuela to bludgeon the Chavez government into supporting the imperial offensive.
In this perspective, what is essential for converting these objective opportunities into substantial structural changes is political power. The social movements have mobilized millions, realized innumerable changes at the local level and created a new and promising level of social consciousness. In some cases they control or influence local governments and have secured concessions via mass pressure on the dominant classes. However, there are several issues to resolve before these movements can be said to prefigure a political alternative to state power.
The financial and speculative stock market sectors are heavily dependent on volatile political-psychological circumstances in the US and in the world economy. The vertical decline in the stock market following 9/11, and its sharp recovery following 10/7, reflected that volatility. Specifically, US stock and bond markets depend heavily on overseas investors, as well as local speculators. These wealthy investors and their US counterparts tend to invest in the US as much for political as economic reason, seeking safe and stable havens for their private fortunes.
A System in Crisis: The Dynamics of Free Market Capitalism by Henry Veltmeyer, James F. Petras