Could Global Capitalism Destroy Itself?

Timothy Garton Ash writes: "Does this lack of any clear ideological alternative mean that capitalism is secure for years to come? Far from it. With the unprecedented triumph of globalized capitalism over the last two decades come new threats to its own future. They are not precisely the famous 'contradictions' that Marx identified, but they may be even bigger. For a start, the history of capitalism over the last hundred years hardly supports the view that it is an automatically self-correcting system. As George Soros (who should know) points out, global markets are now more than ever constantly out of equilibrium - and teetering on the edge of a larger disequilibrium. Again and again, it has needed the visible hands of political, fiscal and legal correction to complement the invisible hand of the market. The bigger it gets, the harder it can fall."

//www.truthout.org/docs_2006/022207H.shtml



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