Reply To: Alexandra Ocasio-Cortez and the Labour Theory of Value
Yes, there does seem to be a trend developing to say that capitalism, at least in its so-called “neo-liberal” form, has “failed”. There’s him, the famous Elizabeth Warren, Corbyn & McDonnell, the Business Insider and the analysts it cites. But Rajan is being a bit of an economic determinist when he says:
“I think capitalism is under serious threat because it’s stopped providing for the many, and when that happens, the many revolt against capitalism,”
as if there was a direct link between worsening economic conditions and people revolting against capitalism (also of course he’s wrong when he suggests that at one time capitalism did provide for the money, whereas it never has or can.) Fortunately or unfortunately, this has not proved to be the case. The outcome this time is most likely to be a revival of reformist movements that aim to try to put things right through more government intervention and regulation in the capitalist economy. Reformists as, once again, more or less consciously “the breakdown gang of capitalism”.
Of course capitalism becoming a dirty word again is grist to our mill but, as we know, discontent with capitalism will not lead to a movement to end it unless people hear, discuss and come to agree with the case for socialism. Hence the need for a group like us to do all we can to help ensure this happens.