As I write this, every newspaper informs me of frantic efforts by merchants to unload onto the consumer, at almost any price, the vast surplus of unsold commodities that have accumulated since the credit crisis began to take hold. The phrase crisis of over-production, which I learned so many long winters ago in “agitational” meetings, recurs to my mind. On other pages, I learn that the pride of American capitalism has seized up and begun to rust, and that automobiles may cease even to be made in Detroit as a consequence of insane speculation in worthless paper “derivatives.” Did I not once read somewhere about the bitter struggle between finance capital and industrial capital? The lines of jobless and hungry begin to lengthen, and what more potent image of those lines do we possess than that of the “reserve army” of the unemployed—capital’s finest weapon in beating down the minimum wage and increasing the hours of the working week? A disturbance in a remote corner of the world market leads to chaos and panic at the very center of the system (and these symptoms are given a multiplier effect when the pangs begin at the center itself), and John Micklethwait and Adrian Wooldridge, doughty champions of capitalism at The Economist, admit straightforwardly in their book on the advantages of globalization that Marx, “as a prophet of the ‘universal interdependence of nations,’ as he called globalization … can still seem startlingly relevant … His description of globalization remains as sharp today as it was 150 years ago.” The falling rate of profit, the tendency to monopoly … how wrong could that old reading-room attendant have been?
(via Richard Metzger’s post Marx Was Right)