Tag: primitive accumulation

Bad Pragmatism pt. V: Reconstituting Capitalism

The various outrages over the “bailout” typically imagine it as a species of robbery — but what needs to be seen here is that the “bailout” is an attempt to “reconstitute capitalism” given the threat to it (see the Economist editorial “Capitalism at bay“) which was prompted by the deflation of the credit bubble and the current economic crisis.  If we look at the “bailout” with a sober, steady focus upon its meaning in political economy, we see it, and the capitalism it is reconstituting, for what it really is: a system of domination, where an investor class gets “bailed out” whereas the rest of us are viewed as being lucky to find work and are supposed to be placated through “jobs programs.”

(Crossposted at Big Orange)