The whole capitalist system that controls the world is going through a mass extinction, and just like biological mass extinctions, something totally new will emerge
By Angus Miller
Published monthly: February 9, 2009
The neo-liberal dream of a world run by the free market is as dead now as the socialist dream of a world run without any markets at all. China and India might just become real rivals to the power of the US. The power of governments everywhere will increase compared to the power of big corporations. Basic economic theory will be reassessed. So, you’re probably not as interested in that as me (an economics student), and in the meantime with this mass extinction, it’s our jobs, our opportunities and ultimately our lifestyle that could be on the line.
First there was the subprime crisis, which then became the credit crunch and now that is just referred to as the economic crisis, which has more recently become the recession. The scary truth is that no one knows when things will get better.
Debt has become quite a big thing over the last twenty years. Many large companies have been boosting their profits by operating with very high levels of debt. In other words they borrow lots of money, invest it and hope that what they earn is more than their interest costs. This is called leveraging. . . . --NewsHammer 3/01/2009
Continue reading the Feb 9, 2009 article from the Royal Melbourne Institute of Technology's Catalyst.
Link to current issue of Catalyst monthly magazine.
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