http://chronicle.com/article/Capitalisms-Dismal-Future/126659/
From Paul Mattick, Business as Usual: The Economic Crisis and the Failure of Capitalism (Chicago: University of Chicago Press, 2011):
"In fact, the crisis looming before us is likely to be, if anything, more terrible than the Great Depressions of 1873-93 and 1929-39. The continuing industrialization of agriculture and urbanization of population—by 2010, it is estimated, more than half the earth's inhabitants lived in cities—has made more and more people dependent upon the market to supply them with food and other necessities of life. The existence on or over the edge of survival experienced today by the urban masses of Cairo, Dhaka, São Paulo, and Mexico City will be echoed in the capitalistically advanced nations, as unemployment and government-dictated austerity afflict more and more people, not just in the developed world's Rust Belts but in New York, Los Angeles, London, Madrid, and Prague."
...
"While at present they are still awaiting the promised return of prosperity, at some point the newly homeless millions, like many of their predecessors in the 1930s, may well look at newly foreclosed, empty houses, unsaleable consumer goods, and stockpiled government foodstuffs and see the materials they need to sustain life. The simple taking and using of housing, food, and other goods, however, by breaking the rules of an economic system based on the exchange of goods for money, in itself implies a radically new mode of social existence.
The social relation between employers and wage earners, one that joins mutual dependence to inherent conflict, has become basic to all the world's nations. It will decisively shape the ways the future is experienced and responded to. No doubt, as in the past, workers will demand that industry or governments provide them with jobs, but if the former could profitably employ more people, they would already be doing so, while the latter are even now coming up against the limits of sovereign debt. As unemployment continues to expand, perhaps it will occur to workers with and without jobs that factories, offices, farms, schools, and other workplaces will still exist, even if they cannot be run profitably, and can be set into motion to produce goods and services that people need. Even if there are not enough jobs—paid employment, working for business or the state—there is plenty of work to be done if people organize production and distribution for themselves, outside the constraints of the business economy. This would mean, of course, constructing a new form of society.
Capitalism has been around for so many generations now, proving its vitality by displacing or absorbing all other social systems around the globe, that it seems a part of nature, irreplaceable. But its historical limits are visible in its inability to meet the ecological challenges it has produced; to generate enough growth to profitably employ the billions of people accumulating in slums in Africa, South America, and Asia, along with growing numbers in Europe, Japan, and the United States; and to escape the dilemma of dependence on a degree of state participation in economic life that drains money from the private enterprise system. Just as the Great Recession has demonstrated the limits of the means set in place during the last 40 years to contain capitalism's tendency to periodic disaster, it suggests the need finally to take seriously the idea, as the saying goes, that another world is possible."
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