The Political Economy of the Current (2008) Capitalist Financial Crisis

Published on September 27, 2008

Conclusion

All right-thinking individuals should now begin to realize that the solution to the persistent financial crises of capitalism, spawned by its overproduction, is not to reform the system as capitalist governments are wont to pursue, much less bailout unscrupulous capitalist institutions. Some finance leaders of capitalism have recommended the establishment of a so-called World Central Bank, which will act as the lender of last resort for ailing banks. But this is like rewarding thieves and scoundrels who through their nefarious dealings are the causes themselves of the miseries of a great portion of humankind. Capitalist governments have considered less regulation of and even less taxes on the activities of private firms as sacrosanct in their ideological commitment to freedom of competitions in the market place. But the drive of capitalists to accumulate more profits and subdue their competitors has become a breeding ground for chaos in its productive and financial sectors and is threatening to bring down the whole global economy into one great economic turmoil. One financial crises after the other also bring about a greater and greater concentration of capital in the hands of a few as lesser capitalists close down business.

There is growing contradictions between the public ownership of capital in the financial system of capitalism and its control and disposal of a few. The financial capitalists have thrived in cheating the public of their hard-earned monies invested in stocks, mutual funds and other forms of credit capital. Thus the very philosophy of the acquisition of wealth of capitalism is becoming a bane to the majority world people who are seeking deeper and deeper into poverty because of the desperate resuscitation of dying capitalism by their governments. For indeed the sufferings of the vast majority of the people is the price for the continued existence of this irrational and moribund system for in-built in its very nature is greed and corruption. The task therefore of all those who wish to preserve all that remain good for humanity is to put an end to this scourge in our midst. The working classes of the world, who are the first victims of capitalism, together with their allies must finally deliver the death blow for the demise of this inhuman system in the history of the earth.

This paper was presented by the author during the Usapang Ibon (Bird Talk), September 24.

Pages: 1 2 3 4

2 Responses to “The Political Economy of the Current (2008) Capitalist Financial Crisis”

Patayin sa Barya si Barbara « Kapirasong Kritika Says:
October 26th, 2008 at 3:29 pm
[...] nanirahan na si Ehrenreich sa trailer truck habang naghahanap ng trabaho – patotoo sa sinabi ni Prop. Edberto M. Villegas tungkol sa “trailer America.” Merkado, ayon kay Ehrenreich, ang ugat: Nagkukumpetisyon ang mahihirap at mayayaman sa mga bahay na [...]
Mga Babasahin Hinggil sa Kasalukuyang Pandaigdigang Krisis « VencerCrisostomo.com Says:
June 24th, 2010 at 2:59 pm
[...] The Political Economy of the Current (2008) Capitalist Financial Crisis, by Prof. Edberto Villegas, Bulatlat.com Sabi nga ng patalastas, “EdVil” is more powerful than [...]