By Richard Seymour
But opposed to Austerity is going additional – creating a daring theoretical intervention at the query of difficult austerity and growing radical choices. starting with an research of present classification formation and dominant ideology, Seymour matters a decision to fingers, mapping a brand new technique to unite the left.
Along the way in which, he tackles the vexed query of attaining social swap, particularly problems with reform and social revolution. In an age characterized through the paucity and inadequacy of mainstream research, opposed to Austerity issues a fashion ahead to restore the left and create a brand new spirit of collective resistance.
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Additional resources for Against Austerity: How We Can Fix the Crisis They Made
21 Yet the value of financial assets often seems well out of proportion to any real value that they could have. By the mid 1990s the ratio of the value of financial assets to GDP in the US reached close to 950 per cent. 23 In this light, it is easy to see why finance is seen as less ‘real’ than other sectors of the economy. The only source of real value in the economy is work. It is people labouring to produce commodities. , p. 86. This metaphor is used by David Harvey to sum up the potential power that resides in the credit system in terms of ironing out the imbalances and ‘contradictions’ in the economy, ensuring a quantitative match between production and consumption.
It is not simply a plot to grab wealth, but something far more sophisticated: it is an attempt to creatively respond to a crisis in a current configuration of power and class leadership by reorganising society and further shifting the popular common sense. This can best be understood by reviewing how we got to this impasse. Neoliberalism as Crisis Management I It is necessary to take a certain critical distance from the word ‘crisis’. The term is indispensable, yet it is becoming a cliché and losing any connection with its heuristic value.
17 Although subject to various ‘countervailing tendencies’, this exerts a constant pressure toward crisis. And in a period when profits are generally low, the system is weak and unstable, and only resolves that weakness through mass destruction of capital (war or depression), or by methods which simply build new pathologies and instabilities into the system. The vital next step in this argument is that, since the early 1970s, profit rates in the core capitalist economies have indeed been low by historical standards.
Against Austerity: How We Can Fix the Crisis They Made by Richard Seymour