Monthly Review, January 2010
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The term “crisis,” attached to the global ecological problem, although unavoidable, is somewhat misleading, given its dominant economic associations. Since 2008, we have been living through a world economic crisis — the worst economic downturn since the 1930s. This has been a source of untold suffering for hundreds of millions, indeed billions, of people. But insofar as it is related to the business cycle and not to long-term factors, expectations are that it is temporary and will end, to be followed by a period of economic recovery and growth — until the advent of the next crisis. Capitalism is, in this sense, a crisis-ridden, cyclical economic system. Even if we were to go further, to conclude that the present crisis of accumulation is part of a long-term economic stagnation of the system — that is, a slowdown of the trend-rate of growth beyond the mere business cycle — we would still see this as a partial, historically limited calamity, raising, at most, the question of the future of the present system of production.
Read the full MR article here.
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