'Great Disorder Under Heaven': The Global Crisis of Capital, Great Power Rivalry and Prospects for Structural Change.

Oliver Villar, Drew Cottle

Research output: Book chapter/Published conference paperConference paper

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Abstract

Crises are not only unavoidable they are essential to the law of motion of capital. They constitute the resolution to the over-accumulation of capital so that 'the cycle would run its course anew'. The trajectory of each crisis of capital depends upon the peculiar features and severity of the specific crisis as well as other economic and political factors.The current unprecedented global financial catastrophe is mistakenly seen as the result of exceptional greed and excessive profit-taking by irresponsible capitalists in the United States. This paper argues that the international system of capital is in crisis generated by the contradictions in the processes of capital accumulation and the class struggle globally.The role by which US led finance capital has shaped the global structures of production based on the exploitation of wage labour will be examined. The global crisis of capital has enormous implications for the US as the dominant but declining imperial power. It is the harbinger of greater international instability, fuelling possible power shifts and deepening rivalry. Significant structural changes within nation states and internationally are imminent. Will the irreconcilable contradictions of capital lead to greater exploitation and immiseration of the masses as the solution to its crisis? Or,will new possibilities emerge for humankind to liberate itself finally from the clutches of capital?
Original languageEnglish
Title of host publicationCapital in crisis
Subtitle of host publicationImplications for labour and society conference
Place of PublicationAustralia
PublisherUniversity of Wollongong
Pages1-9
Number of pages9
Publication statusPublished - 2009
EventInternational Gramsci Society Political Economy Conference - University of Wollongong, Australia
Duration: 09 Jul 200910 Jul 2009

Conference

ConferenceInternational Gramsci Society Political Economy Conference
CountryAustralia
Period09/07/0910/07/09

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    Villar, O., & Cottle, D. (2009). 'Great Disorder Under Heaven': The Global Crisis of Capital, Great Power Rivalry and Prospects for Structural Change. In Capital in crisis: Implications for labour and society conference (pp. 1-9). University of Wollongong.