How long will this last? Recent developments certainly aren’t tipping the global balance in favour of the West. On the one hand, it is becoming increasingly apparent that Nato’s strategy in Ukraine isn’t working: not only is Ukraine facing heavy losses, while the West unable to keep up with Ukrainian demands for ammunition and equipment, but the sanctions have hurt Western countries, as well as developing ones. On the other, the financial crisis triggered by the collapse of Silicon Valley Bank is yet another reminder of the intrinsic instability of the West’s hyper-financialised brand of capitalism.
Only last week, America’s global standing took another hit with the signing of a historic agreement between Iran and Saudi Arabia brokered by China (while, it should be noted, the Saudi foreign minister was in Moscow). As part of the deal, Iran has agreed to stop arming Houthis in Yemen, potentially paving the way to a resolution to the nine-year-long Yemeni war. Writing in Newsweek, David H. Rundell, a former chief of mission at the American Embassy in Saudi Arabia explained that the deal will be seen as “a watershed moment for Chinese influence in the Middle East”, while further eroding America’s already poor reputation in the region.
“On the other, the financial crisis triggered by the collapse of Silicon Valley Bank is yet another reminder of the intrinsic instability of the West’s hyper-financialised brand of capitalism.”
And I’d like to ask the imbecile who wrote the line: “And, pray tell, my dear propagandist… WHAT KIND OF FUCKING CAPITALISM OTHER THAN HYPER-FINANCIALIZED DOES IT EXIST, YA DUMB FUCK!?”
Correct me if I’m wrong, but at least the early, Cromwell and Robespierre era capitalism was more about industry than finance
yeah, it was industrial capitalism at first, eventually becoming financial/rentier capitalism (very little domestic manufacturing, lots of financial fuckery) – economist Michael Hudson talks about this frequently
That is true but since there is no way to turn back the historical clock on this we may as well just call it all capitalism, albeit having went through different phases of development, each one being the logical and inevitable outcome of the social and material conditions and contradictions created by the previous one. Barring some kind of catastrophic global societal collapse the general trend of development in the world can only be forward towards higher forms of social and economic organization. And the only step forward from capitalism is socialism.
industrial capitalism still exists in some countries to some extent, but yes, it’s all capitalism
Its darkly funny that if they genuinely followed the thread of why it exists they would end up at Marx, yet these political wonks and most people in general never do
Even if they did, they’d ignore it. Never underestimate the power of willing ignorance.
but that’s not REAL capitalism!
happy bread day comrade