Re: [Marxism] Walden Bello Primer on Wall St. Meltdown

[Greg McDonald <sabocat59@xxxxxxx>]

Walter Lippman posted:

<The Wall Street meltdown is not only due to greed and to the lack of
government regulation of a hyperactive sector. The Wall Street
collapse stems ultimately from the crisis of overproduction that has
plagued global capitalism since the mid-seventies.>

Artesian also wrote that the current crisis is due to overproduction  
and not underconsumption. The latter seems to be an effect of the  
underlying cause, the flip side as it were, with the motor of  
production being the dynamic force. Is this a correct assumption?  
Underconsumption would be a secondary contradiction having more to do  
with the inability of workers to consume as much as capitalism would  
like, based on the need of capitalists to keep wages depressed and  
assure greater profits from the production process itself in terms of  
the extraction of surplus labor value. Stagnation is therefore  
inherent to the system, which is why it moves toward technological  
innovation to increase the rate of exploitation, imperialism to open  
new markets, privatization of the state sector to create a new  
internal "frontier", and financialization.

Am I missing something?

Greg McD

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