Re: [Pen-l] US slowdown or global depression?

[Carrol Cox <cbcox@xxxxxxxxx>]

Jim Devine wrote:
> 
> On Fri, Apr 18, 2008 at 6:18 AM, Marvin Gandall
> <marvgandall@xxxxxxxxxxxx> wrote:
> >  The question is whether there is a
> >  depression - and I think there is." And he adds, apocalyptically, that the
> >  "system itself could disintegrate".
> 
> FWIW, Joseph Stiglitz didn't disagree very much at all, except with
> the last point.

It seems to me that 'last point'  shows a false understanding of the
capitalist system. No amount of internal horror can cause the _system_,
as a System_, to disintegrate -- except, perhaps, into something worse
than the stoneage. If you don't hit it, it won't fall. And socialism
(the alternative to horror) can only be created by a huge conscious mass
movement, which no depression will by itself develop or even  encourage.

The anti-capitalist surge of the 1930s became strong _only_ when the
system _seemed_  at least to be recovering, thus generating hope rather
than frantic individualist attempts to survive. Marvin Gandall developed
some of this in a recent LBO post.

Carrol

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