06 Nov '11, 2am

Capitalism is in crisis. It is a failed system.

"Industrial capitalism", made possible by sweeping technological changes and imperial concentrations of capital, was marked by the development of the factory system and greater labour specialisation. The term "finance capitalism" is often used to mark a shift to a system in which the accumulation of profits in a financial system becomes dominant over the production processes. Today in the United States, most people understand capitalism in the context of mass consumption - access to unprecedented levels of goods and services. In such a world, everything and everyone is a commodity in the market. In the dominant ideology of market fundamentalism, it's assumed that the most extensive use of markets possible, along with privatisation of many publicly owned assets and the shrinking of public services, will unleash maximal competition and result in the greatest good - and all t...

Full article: http://tankinlian.blogspot.com/2011/11/capitalism-is-in-c...

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