Friday, September 25, 2009

Socialism and the Capitalist Crisis

Joseph Schwartz is interviewed by Wayles Browne. Recorded August 15, 2009

1 comment:

ecaf123 said...

Interesting comments as always from Wayles and Joe. I would however respectfully disagree (however slightly) on two points:

1. From the point of view of American nationalism (as opposed to international socialism), it is disastrous for the US to export textiles and other basic manufacturing jobs, since this puts the American state in a position of dependence on foreign (and not always friendly) nations for one of its basic needs.

2. In the wake of September 08 we obviously have to re-evaluate the idea that the FIRE (Finance Insurance and Real Estate) markets have produced real growth in the American economy. Since the end of the Reagan-Bush era, it has been very difficult to tell how much, if any, growth in the Finance and Insurance sectors has been real, because of the effects of newly-legalized complex securities. We must therefore confront the possibility that even these sectors of the economy have seen little or no real growth in the last 15 years. Again, this might be seen as more of a problem for the American nation than it is for the international socialist movement. But, unless DSA sees some higher good in the potential financial collapse of the American state (and I don't think that DSA takes this position), then this glaring, generational decline of real economic productivity in the world's largest consumer market remains a problem that must be confronted.