Some Marxists have seen the current financial crisis as a vindication of catastrophism, as proof that capitalism will be brought down by its own crisis tendencies. But as faithful to the line points out:
Years were spent refining an analysis of capitalism that, in the broad, stressed the improbability of debt-fuelled boom continuing forever; noted the underlying weaknesses of, not just British capital, but capitalism globally; and highlighted the continuing instability of the system, precisely so that at just this moment they could be poised to offer solutions. Yet the arrival of a genuine and epoch-making economic crisis – of the properly old-fashioned kind (bank runs, fraud and larceny on a grand scale, insolvencies, mass unemployment… you know the score) – has found them largely blinking in the headlights.
The financial crisis, indeed, is the final refutation of catastrophism, making clear the fantasy that sustained it. Read more↴