MonthlyReview2009,Volume61,Issue07(December)

SeizetheCrisis!
SaminAmin
Theprincipleofendlessaccumulationthatdefinescapitalismissynonymouswith
exponentialgrowth,andthelatter,likecancer,leadstodeath.JohnStuartMill,who
recognizedthis,imaginedthatastationarystateofaffairswouldputanendtothis
irrationalprocess.JohnMaynardKeynessharedthisoptimismofReason.Butneitherwas
equippedtounderstandhowthenecessaryovercomingofcapitalismcouldprevail.By
contrast,Marx,bygivingproperimportancetotheemergingclassstruggle,couldimagine
thereversalofpowerofthecapitalistclass,concentratedtodayinthehandsoftheruling
oligarchy.
Accumulation,whichissynonymouswithpauperization,providestheobjectiveframework
ofthestrugglesagainstcapitalism.Butaccumulationexpressesitselfgloballymainlybythe
growingcontrastbetweentheaffluenceofthesocietiesinthecenteroftheworldsystem
thatbenefitfromimperialistrent,andthemiseryofthesocietiesinthedominated
peripheries.Thiscenterperipheryconflictbecomes,therefore,thecentralaxisofthe
alternativebetweensocialismandbarbarism.
Historically,reallyexistingcapitalismisassociatedwithsuccessiveformsofaccumulation
bydispossession,notonlyatthebeginning(primitiveaccumulation),butalsoateachstage
oftheunfoldingofthecapitalistsystem.Sincetheseventeenthcentury,Atlanticcapitalism
hassoughttoconquertheworld,whichithasremadeonthebasisofpermanent
dispossessionoftheconqueredregions,transformingthemintothedominatedperipheries
ofthesystem.
Butthisvictoriousglobalizationhasbeenunabletoimposeitselfinadurablemanner.Just
abouthalfacenturyafteritstriumph,markedbyBritainsGreatExhibitionin1851(which
alreadyseemedtoinauguratetheendofhistory),thismodelwasquestionedbythe
revolutionoftheRussiansemiperipheryandthe(victorious)liberationstrugglesinAsia
andAfrica.Theseconstitutedthedefiningglobalhistoricaleventsofthetwentiethcentury
thefirstwaveofstrugglesinfavoroftheemancipationoftheworkersandthepeoples.
Accumulationbydispossessioncontinuesinfrontofoureyesinthelatemoderncapitalism
ofthecontemporaryoligopolies.Inthecenters,monopolyrentsthebeneficiariesof
whicharetheoligopolisticplutocraciesaresynonymouswiththedispossessionofthe
entireproductivebasisofsociety.Intheperipheries,thispauperizingdispossession
manifestsitselfintheexpropriationofthepeasantryandtheplunderingofnatural
resourcesoftheregionsinquestion.Thesepracticesconstituteessentialpillarsforthe
expansionofthelatecapitalismoftheoligopolies.
Inthisspirit,Isituatethenewagrarianquestionattheheartofthechallengeofthe
twentyfirstcentury.Thedispossessionofthepeasantry(inAsia,Africa,andLatinAmerica)
isthemajorcontemporaryformofthetendencytowardspauperization(inthesensethat
Marxascribedtothislaw)linkedtoaccumulation.Itsimplementationcannotbe
separatedfromthestrategiesofimperialistrentseekingandrentcapturingbythe

MonthlyReview2009,Volume61,Issue07(December)
oligopolies,withorwithoutagrofuels.Ideducefromthisthatthemainhistoricalresults
willbeaproductofthesestrugglesoverthefutureofthepeasantsocietiesintheSouth
(almosthalfofhumanity).Theywilllargelydeterminethecapacityoftheworkersand
peoplestoprogressontheroadofconstructinganauthenticcivilization,liberatedfromthe
dominationofcapitalforwhichIseenonameotherthansocialism.
TheplunderingoftheSouthsnaturalresources,requiredbythepursuitofthemodelof
wastefulconsumptionthatexclusivelybenefitstheNorthsaffluentsocieties,destroysany
prospectofdevelopmentworthyofthenameforthepeoplesinquestion,andtherefore
constitutestheotherfaceofpauperizationonaworldwidescale.Inthisspirit,theenergy
crisisisneithertheproductoftheabsolutescarcityofcertainresourcesnecessaryfor
production(oil,obviously)northeoutcomeofthedestructiveeffectsofenergydevouring
formsofproductionandconsumptionthatarecurrentlyinplace.Referencetoanenergy
crisiswhichisnotwrongfailstogobeyondbanalandimmediateevidence.Thereal
energycrisisistheproductofthewillofoligopoliesandacollectiveimperialismtosecure
amonopolyofaccesstotheplanetsnaturalresources,whetherthesebescarceornot,in
suchawayastoappropriatetheimperialistrent.Thisistruewhethertheutilizationof
theseresourcesremainsthesameasitisnow(wastefulandenergydevouring)or
whetheritissubjecttoenvironmentallyfriendlymeasuresandnewcorrectives.Ideduce
fromthisthatthepursuitoftheexpansioniststrategyofthelatecapitalismofoligopolies
willinevitablyclashwiththegrowingresistanceofthenationsoftheSouth.
Thecurrentcrisisis,therefore,neitherafinancialcrisisnorthesumofmultiplesystemic
crises,butthecrisisoftheimperialistcapitalismofoligopolies,whoseexclusiveand
supremepowerrisksbeingquestionedoncemorebythestrugglesoftheentirepopular
classesandthenationsinthedominatedperipheries,eveniftheyareapparentlyemerging
markets.Thiscrisisis,atthesametime,acrisisofU.S.hegemony.Takentogether,the
followingphenomenaareinextricablylinkedtooneanother:thecapitalismofoligopolies;
thepoliticalpowerofoligarchies;barbarousglobalization;financialization;U.S.hegemony;
themilitarizationofthewayglobalizationoperatesintheserviceofoligopolies;thedecline
ofdemocracy;theplunderingoftheplanetsresources;andtheabandoningofdevelopment
fortheSouth.
Therealquestion,therefore,isasfollows:willthesestrugglesmanagetoconvergeinorder
topavethewayorwaysonthelongroadtothetransitiontoworldsocialism?Orwill
thesestrugglesremainseparatefromoneanother,perhapsevenclashingwitheachother,
leavingtheinitiativetothecapitaloftheoligopolies?

FromOneLongCrisistoAnother
ThefinancialmeltdowninSeptember2008tookmostconventionaleconomistsand
advocatesofsweetspotglobalizationentirelybysurprise,whiledisconcertingsomeofthe
manufacturersofliberaldiscourse,triumphantsincethefalloftheBerlinwallasthey
areaccustomedtosay.If,however,thiseventdidnotsurprisemeIexpectedit(without
ofcoursepredictingitsdate,likeMrs.Soleil*)itissimplybecause,forme,thisevent
wastobeunderstoodaspartoftheunfoldingofthelongcrisisofanagingcapitalism,
beguninthe1970s.
Itisgoodtoreturntothefirstlongcrisisofcapitalism,whichgaveshapetothetwentieth
century,becausetheparallelbetweenthestagesoftheunfoldingcrisesissostriking.

MonthlyReview2009,Volume61,Issue07(December)
Industrialcapitalism,triumphantinthenineteenthcentury,enteredacrisisfrom1873
onwards.Profitratesdropped,forthereasonshighlightedbyMarx.Capitalreactedbya
doublemovementofconcentrationandglobalizedexpansion.Thenewmonopolies
confiscated,inadditiontotheirprofits,arentleviedonthemassivevalueaddedgenerated
bytheexploitationoflaborpower.Theyreinforcedthecolonialconquestsoftheplanet.
Thesestructuraltransformationsallowedanewsurgeinprofitsandledtothebelle
poquefrom1890to1914thefirstperiodofglobaldominationbyfinancialized
monopolycapital.Thedominantdiscoursesofthattimepraisedcolonization(civilizing
mission)anddescribedglobalizationassynonymouswithpeace,earningthesupportof
theworkerssocialdemocracy.
However,thebellepoque,announcedastheendofhistorybytheideologuesofthis
period,endedasonlyLeninhadforeseenintheFirstWorldWar.Andtheperiodthat
followedandlasteduntiltheaftermathoftheSecondWorldWarwastheperiodofwars
andrevolutions.In1920,aftertherevolutioninRussia(theweaklinkofthesystem)had
beenisolatedfollowingthedefeatofrevolutionaryhopesinCentralEurope,financialized
monopolycapitalmanaged,againstallodds,torestorethesystemofthebellepoque.This
restoration,denouncedbyKeynesatthetime,wastheoriginofthefinancialcollapseof
1929andtheconsequentGreatDepressionthatendureduntilthestartoftheSecondWorld
War.
Thelongtwentiethcentury18731990isthereforeboththecenturyofthe
deploymentofthefirstsystemicandprofoundcrisisofagingcapitalism(tothepointwhere
Leninthoughtthatthismonopolycapitalismconstitutedthehigheststageofcapitalism)
andthatofthefirsttriumphantwaveofanticapitalistrevolutions(Russia,China)andthe
antiimperialistmovementsofAsiaandAfrica.
Thesecondsystemiccrisisofcapitalismbeganin1971,almostexactlyacenturyafterthe
commencementofthefirst,withtheabandoningofthegoldconvertibilityofthedollar.
Profitrates,investmentlevels,andgrowthratesallcollapsed(andneveragainrevertedto
thelevelsintheperiod194575).Capitalrespondedtothechallenge,notunlikeits
responseinthepreviouscrisis,byadoublemovementofconcentrationandglobalization.
Assuch,capitalestablishedstructuresthatdefinedthesecondbellepoque(19902008)
offinancializedglobalization,allowingoligopolisticgroupstolevymonopolyrent.The
samediscourseaccompaniedthisprocess:themarketguaranteesprosperity,democracy,
andpeace;itstheendofhistory.Thesameeagersupportoccurred,thistimeby
Europeansocialists,forthenewliberalism.However,thisnewbellepoquewas,fromthe
onset,accompaniedbywar:thewaroftheNorthversustheSouth,begunin1990.Justas
thefirstfinancializedglobalizationhadledto1929,sothesecondproduced2008.Today
wehavereachedacrucialmoment,suggestingtheprobabilityofanewwaveofwarsand
revolutions.Themoreso,sincetherulingpowersdonotenvisageanythingotherthanthe
restorationofthesystemasitwasbeforethefinancialmeltdown.
Theanalogybetweentheunfoldingoftheselong,systemiccrisesofagingcapitalismis
striking.Thereare,nonetheless,differenceswhosepoliticalsignificanceisimportant.

BehindtheFinancialCrisis:ASystemicCrisisoftheCapitalism
ofOligopolies
Contemporarycapitalismis,firstandforemost,acapitalismofoligopoliesinthefullsense

MonthlyReview2009,Volume61,Issue07(December)
oftheterm(inpreviouscapitalism,oligopolieswereonlypartial).WhatImeanbythisis
thattheoligopoliesalonecommandtheproductionoftheeconomicsysteminitsentirety.
Theyarefinancializedinthesensethattheyalonehaveaccesstocapitalmarkets.This
financializationgrantstothemonetaryandfinancialmarkettheirmarket,inwhichthey
competeonlywitheachotherthestatusofdominantmarket,which,inturn,structures
andcommandsthelaborandcommodityexchangemarkets.
Thisglobalizedfinancializationexpressesitselfbyatransformationoftherulingbourgeois
class,whichhasbecomearentcapturingplutocracy.TheoligarchsarenotonlyRussian,as
istoooftenpresumed,butalso,andmuchmoreoften,U.S.,European,andJapanese.The
declineofdemocracytotheexclusivebenefitoftheoligopoliesistheinevitable
productofthisconcentrationofpower.
Thenewformofcapitalistglobalizationthatcorrespondstothistransformationin
contrastwiththeonethatcharacterizedthefirstbellepoqueisalsoimportantto
specify.Ihaveexpresseditinasentence:thepassagefromimperialisms(thatofthe
imperialistpowersinpermanentconflictwitheachother)tothecollectiveimperialismof
thetriad(theUnitedStates,Europe,andJapan).
Themonopolies,whichemergedinresponsetothefirstcrisisofprofitrates,constituted
themselvesonabasisthatreinforcedtheviolenceofcompetitionbetweenthemajor
imperialistpowersofthetime,andledtothearmedconflictbegunin1914,which
continuedthroughthepeaceofVersaillesandtheSecondWorldWaruntil1945.Thatis
whatGiovanniArrighi,AndrGunderFrank,ImmanuelWallerstein,andIdescribedinthe
1970sasthethirtyyearswar,anotionthathasbeentakenupbyotherssince.
Bycontrast,thesecondwaveofoligopolisticconcentration,beguninthe1970s,constituted
itselfontotallyotherbases,withintheframeworkofasystemdominatedbythecollective
imperialismofthetriad.Inthisnewimperialistglobalization,thedominationofthe
centersisnolongerexercisedbyamonopolyofindustrialproduction(ashadbeenthecase
hitherto)butbyothermeans:controloftechnologies,financialmarkets,accesstothe
planetsnaturalresources,informationandcommunications,weaponsofmassdestruction.
Thissystem,whichIhavedescribedasapartheidonaglobalscale,impliesapermanent
waragainstthestatesandthepeopleoftherecalcitrantperipheries,awarbegunalreadyin
the1990sbythedeploymentofmilitarycontrolovertheworldbytheUnitedStatesandits
subordinateNATOallies.
Accordingtomyanalysis,thefinancializationofthissystemisinextricablylinkedtoits
clearlyoligopolisticaspect.Whatpertainsbetweenthemisafundamentallyorganic
relation.Thispointofviewisnotprevalent,eitherintheexpansiveliteratureof
conventionaleconomistsorinthemajorityofcriticalwritingsonthecurrentcrisis.

ItIstheEntireSystemthatHenceforthIsinDifficulty
Thefactsareclear:thefinancialcollapseisalreadyproducing,notarecession,buta
profounddepression.Butbeyondthis,otherdimensionsofthecrisisofthesystemhave
surfacedinpublicconsciousness,evenbeforethefinancialmeltdown.Weknowthemain
headingsenergycrisis,foodcrisis,environmentalcrisis,climatechange.Numerous
analysesoftheaspectsofthesecontemporarychallengesareproducedonadailybasis,
someofwhichareofthehighestquality.
Nonetheless,Iremaincriticalofthismodeoftreatingthesystemiccrisisofcapitalismthat

MonthlyReview2009,Volume61,Issue07(December)
excessivelyisolatesthedifferentdimensionsofthechallenge.Iwould,therefore,redefine
thediversecrisesasfacetsofthesamechallengethatofthesystemofcontemporary
capitalistglobalization(whetherliberalornot),foundedupontheprinciplethatthefieldof
operationofimperialistrentisnowglobalbenefittingtheoligopoliesoftheimperialist
triad.
Therealbattleisfoughtonthisdecisivegroundbetweentheoligopoliesthatseekto
produceandreproducetheconditionsthatallowthemtoappropriatetheimperialistrent
andtheirintendedvictimstheworkersofallthecountriesintheNorthandtheSouth,
thepeoplesofthedominatedperipheries,condemnedtogiveupanyperspectiveof
developmentworthyofthename.

ExitingtheCrisisofCapitalismoraCapitalisminCrisis?
ThisformulawassuggestedbyAndrGunderFrankandmein1974.
Theanalysiswedevelopedaboutthenewgreatcrisisthatwethoughthadbegunledusto
themajorconclusionthatcapitalwouldrespondtothechallengebyanewwaveof
concentration,followedbymassivedislocations.Laterdevelopmentslargelyconfirmedthis.
ThetitleofourinterventionataconferenceorganizedbyIlManifestoinRomein1974
(Letusnotwaitfor1984,referringtotheworkbyGeorgeOrwell)invitedtheradicalleft
atthattimetorenounceanystrategyofcomingtotheaidofcapitalbylookingforexits
fromthecrisis,butrathertoseekstrategiesaimedatanexitfromcapitalismincrisis.
IhavepursuedthislineofanalysiswithakindofstubbornnessthatIdonotregret.Ihave
suggestedaconceptualizationofnewformsofdominationonthepartoftheimperialist
centers,groundedinnewmodesofcontrolthatreplacedtheoldmonopolyoverexclusively
industrialproduction.Thishasbeenconfirmedbytheriseofemergingmarketcountries.I
havedescribedthenewglobalizationnowbeingconstructedasanapartheidattheglobal
level,requiringthemilitarizedmanagementoftheplanet,andinthiswayperpetuating,in
newconditions,thepolarizationthatalwaysaccompaniestheexpansionofreallyexisting
capitalism.

ThereIsNoAlternativetoaSocialistPerspective
Thecontemporaryworldisgovernedbyoligarchies.ThefinancialoligarchiesintheUnited
States,Europe,andJapandominatenotonlyeconomiclifebutalsopoliticsanddailylife.
TheRussianoligarchy,whichtheRussianstatetriestocontrol,wascreatedintheirimage.
StatocracyinChinaandautocraciescommonthroughouttheperiphery(sometimeshidden
behindtheappearanceofanelectoraldemocracyoflowintensity)areinscribedinto
thisworldwidesystem.
Themanagementofcontemporaryglobalizationbytheseoligarchies/autocraciesisincrisis.
TheoligarchiesoftheNorthseektoremaininpoweroncethepresentcrisisisover.They
donotfeelthreatened.Bycontrast,thefragilityofthepowerheldbytheautocraciesofthe
Southisclearlyvisible.Themodelofglobalizationthatiscurrentlyinplaceistherefore
vulnerable.WillitbecalledintoquestionbytherevoltintheSouth,aswasthecaseinthe
previouscentury?Probablyso,butthatcouldprovetragic.Forhumanityasawholewill
onlycommititselffullytothesocialistroadtheonlyhumanealternativetochaos
oncethepowersoftheoligarchies,theirallies,andtheirservants,havebeenbroken,both

MonthlyReview2009,Volume61,Issue07(December)
inthecountriesoftheSouthandthoseintheNorth.Longlivetheinternationalismofthe
peopleinthefaceofthecosmopolitanismoftheoligarchies!

IstheReinstatementoftheGlobalOligopolyFinanceCapital
Possible?
Capitalismissynonymouswithliberalismif,bythiswemeannotthebeneficentimage
thattheliberallabelfrequentlybringstomind,buttheplainandtotalexerciseofthe
dominationofcapital,notonlyoverworkandtheeconomy,butoverallaspectsofsocial
life.Therecanbenomarketeconomy(avulgarexpressionforcapitalism)withouta
marketsociety.Capitalstubbornlypursuesthisdistinctobjectivemoney;accumulation
foritsownsake.Marx,andafterhimothercriticalthinkerslikeKeynes,understoodthis
perfectly.Butnotourconventionaleconomists,includingmanyofthoseostensiblyonthe
left.
Thismodeloftotalandexclusivedominationbycapitalwasimposedruthlesslybythe
rulingclassesthroughoutthepreviouslongcrisisuntil1945.Onlythetriplevictoryof
democracy,socialism,andthenationalliberationofpeoplesininnumerablestrugglesmade
possiblethereplacementforatimeofthiscapitalistideal.From1945to1980,itwas
supplantedbytheconflictualcoexistenceofthreesociallyregulatedmodels:thewelfare
stateofWesternsocialdemocracy;thereallyexistingsocialismintheEast;andthe
popularnationalismsintheSouth.Thedemiseandcollapseofthesethreemodelsmade
possiblethereturnoftheexclusivedominationbycapital,thistimedescribedasthe
neoliberalphaseofcapitalism.
Ihavelinkedthisnewliberalismtoaseriesofnewaspectsthatappeartometomeritthe
descriptionofsenilecapitalism.Mybookofthistitle,publishedin2001(Audeldu
capitalismesenile,PressesUniversitairesFrance),isprobablyoneamongtheveryrare
writingsatthetimethat,farfromviewingglobalizedandfinancializedneoliberalismasthe
endofhistory,analyzedthesystemofagingcapitalismasunstableandcondemnedto
eventualcollapse,preciselybyreasonofitsfinancialization(itsAchillesHeel,asIwrote
then).
Conventionaleconomistshaveremainedpersistentlydeaftoanyquestioningoftheirown
dogmasomuchsothattheywereunabletoforeseethefinancialcollapseof2008.Those
whomthemediahaveportrayedascriticalhardlydeservethisdescription.EvenJoseph
Stiglitzremainsconvincedthatthesystemasitstandsglobalizedandfinancialized
liberalismcanbefixedbymeansofsomecorrections.AmartyaSenpreachesmorality
withoutdaringtoseereallyexistingcapitalismasitis.
Thesocialdisasterscausedbythedeploymentofliberalismthepermanentutopiaof
capital,asIwrotehaveinspiredquiteabitofnostalgiainrelationtotherecentor
distantpast.Butsuchnostalgiacannotrespondtothepresentchallenge.Itistheproductof
animpoverishedtheoreticalcritiquethathasgraduallyblockedunderstandingofthe
internalcontradictionsandthelimitsofthepost1945systems;theirerosions,diversions,
andcollapsesappearedasunforeseencataclysms.
Nonethelessinthevoidcreatedbythisretreatofcritical,theoreticalthinkinga
consciousnessaboutthenewdimensionsofthesystemiccrisisofcivilizationmanagedto
chartapath.Iamreferringheretotheecologicalmovement.ButtheGreens,whohave
purportedtodistinguishthemselvesradicallyfromboththeBlues(theConservativesand

MonthlyReview2009,Volume61,Issue07(December)
theLiberals)andtheReds(theSocialists),arelockedintoanimpasse,sincetheyhave
failedtolinktheecologicaldimensiontothechallengeofaradicalcritiqueofcapitalism.
Everythingwasthereforereadytoensurethetriumphinfact,ephemeralbutexperienced
asfinalofthealternativeofliberaldemocracy.Thisreflectedapovertyofthoughta
veritablenonthinkingdisregardingMarxsdecisiveargumentaboutbourgeois
democracysfailuretoacknowledgethatthosewhodecidearenotthosenegativelyaffected
bythedecisions.Thosewhodecideandbenefitfromthefreedomreinforcedbythecontrol
overpropertyarenowadaystheplutocratsofcapitalismsoligopolies,andstatesaretheir
debtors.Perforcetheworkersandthepeopleinquestionarelittlemorethantheirvictims.
Thissortofliberalnonsensemight,atsomepoint,havebeencredible,atleastforashort
while,asaresultofthedeclineofthethreepost1945systems,East,West,andSouth.But
theprevailingdogmas,intheirpovertyoftheory,couldnolongerunderstandtheoriginsof
thecrisis.Undertheseconditions,liberaldemocracymightwellhaveappearedtobethe
bestofallpossiblesystems.Yet,itshegemonywasthreatenedbyadeepeningcrisisofits
ownmaking.
Todaythepowersthatbethosewhodidnotforeseeanythingarebusyattemptingto
restorethesamesystem.Theirpossiblesuccess,asinthecaseoftheconservativesinthe
1920swhichKeyneshaddenouncedwithoutmuchofanechoatthetimewillonly
exacerbatethescopeofthecontradictionsthataretherootcauseofthe2008financial
collapse.
Nolessseriousisthefactthateconomistsonthelefthavelongsinceembracedthe
essentialtenetsofvulgareconomicsandacceptedtheerroneousideathatmarketsare
rational.Thesameeconomistshavefocusedtheireffortsondefiningtheconditionsforthis
marketrationality,therebyabandoningMarx,whohaddiscoveredtheirrationalityof
marketsfromthepointofviewoftheworkersandthepeoplesaperspectivedeemed
obsolete.Accordingtothisleftwingperspective,capitalismisflexible,andadjustsitself
totherequirementsofprogress(technologicalandevensocial)ifitisproperlyconstrained.
Theseleftisteconomistsarenotpreparedtounderstandthatthecrisisthathaserupted
wasinevitable.Theyareevenlesspreparedtoconfrontthechallengesthatarefacedbythe
peoplesasaresult.Likeothervulgareconomists,theywillseektorepairthedamage
withoutunderstandingthatitisnecessarytopursueanotherrouteifwearetoovercome
thefundamentallogicofcapitalism.Insteadoflookingforexitsfromacapitalismincrisis,
theythinktheycansimplyexitthecrisis.

U.S.HegemonyinCrisis
TherecentG20SummitinLondoninApril2009innowaymarksthebeginningofa
reconstructionoftheworld.Anditisperhapsnocoincidencethatitwasfollowedbya
summitmeetingofNATO,therighthandofcontemporaryimperialism,andbythe
reinforcementofNATOsmilitaryinvolvementinAfghanistan.Thepermanentwarofthe
NorthagainsttheSouthmustcontinue.
WealreadyknewthatthegovernmentsofthetriadtheUnitedStates,Europe,andJapan
wouldpursuethesingulargoalofrestoringthesystemasitexistedbeforeSeptember
2008,andonemustnottakeseriouslytheinterventionsattheG20SummitinLondonby
PresidentObamaandGordonBrown,ontheonehand,andthoseofSarkozyandMerkel,
ontheother.Bothwereaimedatamusingthespectators.Thepurporteddifferences,

MonthlyReview2009,Volume61,Issue07(December)
identifiedbythemediabutwithoutanygenuinesubstance,respondtotheexclusiveneeds
oftheleadersinquestiontomakethebestofthemselvesinthefaceofnavepublicopinion.
Recreatecapitalism,moralizingfinancialoperations:suchsimilargranddeclarationsare
madeinordertoavoidtherealquestions.Thatiswhyrestoringthesystem,whichisnot
impossible,willnotsolveanyproblembutwill,infact,exacerbatethegravityofthecrisis.
TheStiglitzCommission,convenedbytheUnitedNations,ispartofthisstrategyof
trickingthepublic.Obviously,onecouldnotexpectotherwisefromtheoligarchswho
controltherealpowerandtheirpoliticaldebtors.ThepointofviewthatIhavedeveloped,
andthatputstheemphasisontheinextricablelinksbetweenthedominationofthe
oligopoliesandthenecessaryfinancializationofmanagingtheworldeconomy,isconfirmed
bytheresultsoftheG20.
Moreinterestingisthefactthattheinvitedleadersoftheemergingmarketschoseto
remainsilent.Asingleintelligentsentencewassaidthroughoutthisdayofgreatspectacle,
bytheChinesePresidentHuJintao,whoobservedinpassing,withoutinsistingandwitha
(mocking?)smile,thatitwouldbenecessarytoenvisagethecreationofaglobalfinancial
systemthatisnotbasedontheU.S.dollar.Somecommentatorsimmediatelylinkedthis
correctlytoKeynessproposalsin1945.
Thisremarkisarudeawakeningtothefactthatthecrisisofthecapitalistsystemof
oligopoliesisinextricablylinkedtothecrisisofU.S.hegemony,whichisontheropes.But
whowillreplaceit?CertainlynotEurope,whichdoesnotexistapartfromoroutside
Atlanticismandhasnoambitiontobeindependent,astheNATOsummitmeetingonce
moreconfirmed.China?Thisthreat,whichthemediarepeatadnauseam(anewYellow
Peril?)inordertojustifytheAtlanticalignment,hasnofoundationinreality.TheChinese
leadershipknowsthatthecountrydoesnothaveeitherthemeansorthewill.Chinas
strategyisconfinedtopromotinganewglobalizationwithouthegemonysomething
whichneithertheUnitedStatesnorEuropedeemsacceptable.
Thelikelihoodofapossibleevolutioninthisdirectiondependsoncemoreonthecountries
oftheSouth.AnditisnocoincidencethattheUnitedNationsConferenceonTradeand
Development(UNCTAD)istheonlyinstitutionwithintheUNumbrellathathastaken
initiativesthatarefundamentallydifferentfromthoseoftheStiglitzCommission.Itisalso
nocoincidencethatUNCTADsSecretaryGeneralSupachaiPanitchpakdi,fromThailand,
hithertoconsideredtobeaperfectliberal,hasdaredpropose,inaMarch2009report
entitledTheGlobalEconomicCrisis,realisticideasthatarepartofasecondwaveofa
Southernawakening.
Foritspart,Chinahasbeguntobuildinagradualandcontrolledmanneralternative
regionalfinancialsystemsridoftheU.S.dollar.Similarinitiativescomplement,onthe
economiclevel,thepromotionofpoliticalalliancewithintheShanghaiCooperation
Organization(SCO),whichisamajorobstacletoNATOsbelligerence.
TheNATOsummitmeeting,alsoconvenedinApril2009,agreedtoWashingtonsdecision
nottostartagradualmilitarydisengagementbut,onthecontrary,toreinforcethescopeof
itsmilitaryinvolvement,alwaysunderthemisguidedpretextofthewaragainstterror.
PresidentObamadeployshistalentstosaveClintonsandBushsprogramofimposing
globalmilitarycontrol,whichistheonlywayofprolongingthedaysofU.S.hegemony,
nowunderthreat.Obamascoredpointsandobtainedatotal,unconditionalsurrenderfrom
SarkozysFrance,whichhasnowrejoinedNATOsmilitarycommandtheendof
GaullismsomethingthatwasdifficulttoachieveduringBushsreignwhenWashington

MonthlyReview2009,Volume61,Issue07(December)
spokewithoutintelligencebutnotwithoutarrogance.Moreover,Obamahasactedlike
Bushbygivinglessons,withslightconcernforEuropesindependence,abouthowTurkey
shouldbeallowedtoentertheUnion!

AreNewAdvancesintheStrugglesfortheEmancipationofthe
PeoplesPossible?
Thepoliticalmanagementoftheworldwidedominationbyoligopolycapitalisnecessarily
markedbyextremeviolence.For,inordertomaintaintheirstatusofaffluentsocieties,the
countriesoftheimperialisttriadarehenceforthobligedtolimitaccesstotheplanets
naturalresourcestotheirownexclusivebenefit.Thisnewrequirementisattheoriginof
themilitarizationofglobalizationthatIhaveelsewheredescribedastheEmpireofChaos
(MonthlyReview,1992),anexpressionothershavesincetakenup.
InlinewithWashingtonsprojectofmilitarycontrolovertheplanetandthewagingof
preemptivewarsunderthepretextofthewaragainstterror,NATOhasportrayeditself
astherepresentativeoftheinternationalcommunityandhastherebymarginalizedthe
UnitedNationstheonlyinstitutionentitledtospeakinthisname.
Ofcourse,theserealgoalscannotbeopenlyacknowledged.Inordertomaskthem,the
powersinquestionhavechosentoinstrumentalizethediscourseondemocracyandhave
arrogatedtothemselvestherighttointervene,soastoimposerespectforhumanrights!
Atthesametime,theabsolutepowerofthenewoligarchicplutocracieshashollowedout
thesubstanceofbourgeoisdemocraticpractice.Informertimes,politicalnegotiation
betweendifferentsocialpartiesofthehegemonicblocwasnecessaryforthereproduction
ofthepowerofcapital.Bycontrast,thenewpoliticalmanagementofthecapitalismof
oligopolies,establishedbymeansofasystematicdepoliticization,hasgivenrisetoanew
politicalcultureofconsensus(modelledontheexampleoftheUnitedStates)that
substitutestheconsumerandthepoliticalspectatorfortheactivecitizen,necessaryforan
authenticdemocracy.TheLiberalVirus(thetitleofanotherbookofminepublishedby
MonthlyReviewPress,2004)abolishesthepossibilityofalternativechoicesandreplacesit
withaconsensuscenteredonrespectonlyforaprocedural,electoraldemocracy.
Thedemiseandcollapseofthethreeabovementionedsocialmodels(i.e.,reallyexisting
socialismintheEast,socialwelfarismintheWest,andpopulistnationalismintheSouth)is
attheoriginofthisdrama.Thefirstpageofthewaveofstrugglesforemancipationhas
nowbeenturned;thatofthesecondwavehasnotyetbeenopened.Inthetwilightthat
separatesthem,onecandiscernmonsters,asGramsciwrites.
IntheNorth,thesedevelopmentshavecausedthelossofarealsenseofdemocratic
practice.Thisregressionismaskedbythepretensionsofthesocalledpostmodern
discourse,accordingtowhichnationsandclasseshavealreadyleftthesceneandcededthe
politicalspacetotheindividual,nowthesoleactivesubjectofsocialtransformation.
IntheSouth,otherillusionsdominatethepoliticalrealm.Theillusionofacapitalist,
national,andautonomousdevelopmentthatispartofglobalizationispowerfulamongthe
dominantandmiddleclassesinemergingmarkets,fuelledbytheswiftsuccessesofthe
lastfewdecades.Or,inthecountriesexcludedfromthisprocess,nostalgic(paraethnicor
parareligious)illusionsaboutthepast.
Whatisworse,thesedevelopmentshavestrengthenedthegeneralembraceoftheideology

MonthlyReview2009,Volume61,Issue07(December)
ofconsumptionandtheideathatprogressismeasuredbythequantitativegrowthof
consumption.Marxhadalreadyshownthatitisthemodeofproductionthatdetermines
themodeofconsumptionandnotviceversa,asisclaimedbyvulgareconomics.Whatis
lostsightofinallthisistheperspectiveofahumanistandsuperiorrationality,thebasisfor
thesocialistproject.Thegiganticpotentialthattheapplicationofscienceandtechnology
offersthewholeofhumanity,andthatwouldenabletherealflourishingofindividualsand
societiesintheNorthandtheSouth,iswastedbytherequirementsofitssubordinationto
thelogicsoftheunlimitedpursuitoftheaccumulationofcapital.Whatsevenworse,the
continuousgrowthofthesocialproductivityoflaborislinkedtothebreathtakinguseof
mechanismsofpauperization(visibleataglobalscaleasthewholesaleattackonpeasant
societies)asMarxhadalreadyunderstood.
Embracingtheideologicalalienationcausedbycapitalismadverselyaffectsnotonlythe
affluentsocietiesoftheimperialistcenters.Thepeoplesoftheperipheries,whoare,forthe
mostpart,deprivedofaccesstoacceptablelevelsofconsumptionandblindedby
aspirationstoconsumeliketheopulentNorth,arelosingconsciousnessofthefactthatthe
logicofhistoricalcapitalismmakestheextensionofthismodeltotheentireglobe
impossible.
Wecan,therefore,understandthereasonswhythe2008financialcollapsewastheresultof
asharpeningoftheinternalcontradictionspeculiartotheaccumulationofcapital.Onlythe
interventionofforcesthatembodyapositivealternativecanofferawayofimaginingan
exitfromthechaoscausedbythesharpeningoftheinternalcontradictionsofthesystem.
(Inthisspirit,Ihavecontrastedtherevolutionarywaywiththemodelofovercomingthe
historicallyobsoletesystemthroughdecadence.)And,inthecurrentstateofaffairs,the
movementsofsocialprotest,despitetheirvisiblegrowth,remain,asawhole,unableto
questionthesocialorderlinkedtothecapitalismofoligopoliesintheabsenceofa
coherentpoliticalprojectthatcanmatchthechallenges.
Fromthispointofview,thecurrentsituationismarkedlydifferentfromthatwhich
prevailedinthe1930s,whentheforcesofsocialismclashedwithfascistparties,producing
Nazism,theNewDeal,andthePopularFronts.
Thedeepeningofthecrisiswillnotbeavoided,evenifreinstatementofthesystemof
dominationbyoligopolycapitalweretobepotentiallysuccessful,whichisnotimpossible.
Inthissituation,thepossibleradicalizationofthestrugglesisnotanimprobable
hypothesis,eveniftheobstaclesremainformidable.
Inthecountriesofthetriad,sucharadicalizationwouldimplythattheagendawouldbeto
expropriatetheoligopoliesastrugglethatseemstobeoffthetablefortheforeseeable
future.Inconsequence,thehypothesisthatdespitetheturmoilcausedbythecrisis
thestabilityofthesocietiesofthetriadwillnotbequestionedcannotbediscarded.Thereis
aseriousriskofaremakeofthewaveofstrugglesofemancipation,ashappenedinthe
twentiethcentury,thatistosay,aquestioningofthesystemexclusivelybysomeofits
peripheries.
AsecondstageoftheSouthsawakening(thetitleofyetanotherbookofminethatoffers
areadingoftheperiodofBandungasthefirststageofawakening[LEveilduSud(Paris:Le
TempsdesCerises,2007)])isnowontheagenda.Inthebestpossiblescenario,the
advancesproducedbytheseconditionscouldforceimperialismtoretreat,torenounceits
dementedandcriminalprojectofcontrollingtheworldmilitarily.And,ifthiswerethecase,
thenthedemocraticmovementofthecountriesatthecenterofthesystemcouldmakea

MonthlyReview2009,Volume61,Issue07(December)
positivecontributiontothesuccessofthisstrategyofneutralization.Moreover,thedecline
oftheimperialistrent,whichbenefitsthesocietiesinquestionitselfaresultofthe
reorganizationoftheinternationalequilibriaofproductiontotheadvantageoftheSouth
(especiallyChina)couldhelptheawakeningofasocialistconsciousness.Nevertheless,
thesocietiesoftheSouthcouldremainmiredinthesamechallengesasinthepasta
situationthatwouldproducesomeofthesamelimitsontheirprogress.

ANewInternationalismoftheWorkersandthePeoplesIs
NecessaryandPossible
Historicalcapitalismisallthingstoeveryone,exceptbeingdurable.Itisbutashort
parenthesisinhistory.Thefundamentalquestioningofcapitalismwhichour
contemporarythinkers,intheiroverwhelmingmajority,deemneitherpossiblenordesirable
isnonethelesstheinescapableconditionfortheemancipationofthedominatedworkers
andthepeoples(thoseoftheperipheries,i.e.,80percentofhumankind).Thetwo
dimensionsofthechallengesareinextricablylinkedwithoneanother.Therewillbenoexit
fromcapitalismbywayofthesolestruggleofthepeopleoftheNorth,orbythesole
struggleofthedominatedpeopleoftheSouth.Therewillonlybeanexitfromcapitalismif
andwhenthesetwodimensionscombinewithoneother.Itisfarfromcertainthatthiswill
occur,inwhichcasecapitalismwillbeovercomebythedestructionofcivilization(rather
thanthemalaiseofcivilization,touseFreudsterminology)andperhapslifeontheplanet.
Thescenarioofaremakeofthetwentiethcenturyfallsshortoftherequirementsofa
commitmentbyhumankindtothelongrouteoftransitiontoworldwidesocialism.The
liberalcatastropherequiresarenewaloftheradicalcritiqueofcapitalism.Thechallengeis
thepermanentconstruction/reconstructionoftheinternationalismoftheworkersandthe
peoplesinthefaceofthecosmopolitanismofoligarchiccapital.
Constructingthisinternationalismcanonlybeenvisagedbysuccessful,new,revolutionary
advances(likethosebeguninLatinAmericaandNepal)thatoffertheperspectiveofan
overcomingofcapitalism.
InthecountriesoftheSouth,thebattleofthestatesandthenationsforanegotiated
globalizationwithouthegemoniesthecontemporaryformofdelinkingsupportedby
theorganizationofthedemandsofthepopularclasses,cancircumscribeandlimitthe
powersoftheoligopoliesoftheimperialisttriad.Thedemocraticforcesinthecountriesof
theNorthmustsupportthisbattle.Thepseudodemocraticdiscourse(thesupportfor
lowintensitydemocracy)proposed,andaccepted,byamajorityontheleft,andthe
humanitarianinterventionsconductedinitsnamejustlikethemiserablepracticeof
givingaidrepelsrealengagementwiththischallenge.
InthecountriesoftheNorth,theoligopoliesarealreadyclearlyformsofthecommons,
whosemanagementcannotbelefttosectionalprivateinterestsalone(thecrisishas
highlightedthecatastrophicresultsofsuchanapproach).Anauthenticleftmustdare
envisiongenuinenationalizationasthefirstinescapablestageofthesocializationofthe
oligopolies,deepeningdemocraticpractice.Thecurrentcrisismakesitpossibletoconceive
thecrystallizationofacommonfrontofthesocialandpoliticalforces,bringingtogetherall
thevictimsoftheexclusivepoweroftherulingoligarchies.
Thefirstwaveofthestrugglesforsocialism,thatofthetwentiethcentury,hasshownthe
limitsofEuropeansocialdemocracies,ofthecommunismsofthethirdinternational,andof

MonthlyReview2009,Volume61,Issue07(December)
thepopularnationalismsoftheBandungeraandthedemiseandcollapseoftheir
popular,socialdemocratic,socialistambitions.Thesecondwave,thatofthetwentyfirst
century,mustdrawlessonsfromthis.Inparticular,onelessonistoassociatethe
socializationofeconomicmanagementandthedeepeningofthedemocratizationof
society.Therewillbenosocialismwithoutdemocracy,butequally,nodemocraticadvance
outsideasocialistperspective.
Thesestrategicgoalsinviteustothinkabouttheconstructionofconvergencesindiversity
(referringheretotheformulausedbytheWorldForumofAlternatives),oftheformsof
organization,andthestrugglesofthedominatedandexploitedclasses.Itisemphatically
notmyintentiontocondemnfromtheoutsettheconvergencesoftheformsthat,intheir
ownway,wouldretrievethetraditionsofsocialdemocracy,communism,andpopular
nationalism,orwoulddivergefromthem.
Accordingtothisperspective,itseemstomenecessarytoconceiveoftheconditionforthe
renewalofacreativeMarxism.Marxhasneverbeensousefulandnecessaryinorderto
understandandtransformtheworldtodayevenmoresothanyesterday.BeingMarxist
inthisspiritistobeginwithMarxandnottostopwithhimorLeninorMaoas
conceivedandpracticedbythehistoricalMarxismsofthepreviouscentury.Itistorender
ontoMarxthatwhichisowedhim:theintelligencetohavebeguncriticalthinking,a
critiqueofcapitalistreality,andacritiqueofitspolitical,ideological,andcultural
representations.AcreativeMarxismmustpursuethegoalofenrichingthiscriticalthinking
parexcellence.Itmustnotfeartointegrateallreflection,inallareas,includingthosethat
havewronglybeenconsideredforeignbythedogmasofpasthistoricalMarxisms.
Notes
1. *Frenchtelevisionastrologer,popularinthe1970s.