Richard Wolff: US shifts blame onto China because it cannot address capitalism’s flaws - Friends of Socialist China
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In the following video interview with Global Times, prominent Marxist economist Richard Wolff explains the central contradiction in the US ruling class with respect to its relationship with China. On the one hand, the US business community is eager to maintain good economic relations with China, which represents an important market, trading partner, avenue for … Continue reading Richard Wolff: US shifts blame onto China because it cannot address capitalism’s flaws
  • P_P@lemm.eeEnglish
    4·
    3 days ago

    The jury is in. Neoliberal capitalism is an objective failure. Who could argue?

    • davel@lemmy.mlEnglish
      3·
      3 days ago

      I’d be leery of saying that neoliberal capitalism is a failure and just leave it at that, because…

      Capitalism was always going to reach a late monopoly stage, which was always going to be a failure. What comes next is socialism or barbarism, and frankly, signs point to barbarism. Fascism isn’t on the rise in Western capitalist states for no reason. The reason is grinding neoliberalism, which is negatively affecting even the petit bourgeoisie.

      Trumpism: It’s Coming From the Suburbs

      But scapegoating poor whites keeps the conversation away from fascism’s real base: the petite bourgeoisie. This is a piece of jargon used mostly by Marxists to denote small-property owners, whose nearest equivalents these days may be the “upper middle class” or “small-business owners.” FiveThirtyEight reported last May that “the median household income of a Trump voter so far in the primaries is about $72,000,” or roughly 130 percent of the national median. Trump’s real base, the actual backbone of fascism, isn’t poor and working-class voters, but middle-class and affluent whites. Often self-employed, possessed of a retirement account and a home as a nest egg, this is the stratum taken in by Horatio Alger stories. They can envision playing the market well enough to become the next Trump. They haven’t won “big-league,” but they’ve won enough to be invested in the hierarchy they aspire to climb. If only America were made great again, they could become the haute 
bourgeoisie—the storied “1 percent.”