There Comes a Time When Capitalism Must Give Way to Socialsim

Capitalism as a system is a modern form of economic production.It is based upon exploiting labor and producing profits for the owners of capital, factories, machines, land,etc etc.Capitalism is not a permanent system. People can change their mode of production and create a new one, more in keeping with their interests and desires. As capitalism evolved by the 20th century it had transcended its free market , individual capitalist form has gone over to large joint stock corporations and large monopolies. At the same time these monopolies or joint stock corporations with the backing of their national governments were aggressively taking on colonies. This new stage is what is called imperialism, or state monopoly capitalism. In this stage large banks, called too big to fail , control the economy. These banks are part of a system called finance capitalism. What we are living through now is a crisis of the system of finance capitalism. Many theorists and economist argue the present crisis is built into the system of finance capitalism. This is seen as the final stage of capitalism and the current crisis will only get worse, leading to a global depression. Such as crisisi will inevitably produce resistance all over the world. the events in London recently, the strikes and riots in Greece, Spain and China, the general strike in Madison Wisconsin and even the flash mobs are part of this resistance. Economic depressions lead to strikes, riots and protests by the working class, poor and even the middle classes. Along with imperialist wars like those in Libya, Iraq and Afghanistan we have a convergence of events that combine to weaken the system and undermine the legitimacy of the government and politicians. This leads to what is called a revolutionary situation, that is a situation where the ruling class cannot rule in the old way and working people and the poor will not allow themselves to be ruled in the old way. When such a situation arises the system often reverts to fascism, which is most often financed and supported by the largest banks and richest individuals in society. However, the people, in the face of this and in the interest of their survival and wellbeing will demand fundamental change and radical policies .. In this type of crisis the masses often demand an end to capitalism as a system and its replacement with socialism. A revolutionary process of transition from capitalism to socialism starts that usuaally takes at least one generation to complete.

About Anthony Monteiro

I am a activist and scholar who is a professor in the Department of African American Studies at Temple University.
This entry was posted in Black Intellectual, Political and Ideological Issues, Political and Ideological Issues, US capitalism, empire and race. Bookmark the permalink.

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