The end of capitalism?

James Adonis contemplates The end of capitalism? He writes that:

Modern-day capitalism is in trouble. Once mighty nations, such as Spain and Greece, are on the verge of collapse. Wealth gaps between the rich and poor are getting bigger. And more people are shouting about the unfairness of the economic system, as evidenced by the Occupy movement. All of which raises the question: is there an alternative?

The conclusion is that the only alternative is to more strictly regulate Capitalism:

“Capitalism will have to be re-regulated again for it to survive,” [Bill Mitchell] says. “Governments will have to mediate the class struggle.”

Professor Stephen King from Monash University agrees on the need for tighter laws. “What the GFC has taught us is that market economies need sensible, strong banking regulation,” he says.

“Unfortunately, here in Australia, we have missed this lesson.”

Emphasis Mine

I love how the apologists for Capitalism always come to the conclusion that there is no alternative (TINA). They say that Capitalism is the only way forward as all other alternatives, Socialism, Communism, etc., have failed.

The highlighted phrase above reveals a fear of the ruling class. They want protection from the class warfare now emerging from the ruled. They are rightly worried.

Or, perhaps they are worried that unrestrained class warfare from the Capitalists could provoke a violent reaction from the workers. They are certainly worried about what directions the Occuppy movement could take.

Adonis lists the major criticisms from critics, such as the Occupy movement, as:

Critics of capitalism are quick to point out its failures. Three of the most common include the promotion of greed and inequality; the unsustainability of perpetual growth; and the overwhelming power of corporations, which now constitute half of the world’s 100 biggest economies.

Yet these are the consequences of the Capitalist system. Greed is not the main driver behind the inequality.

Capitalism is about the reproduction of Capital through investment. Capital has to grow continously — it cannot stand still. And this growth comes about through increased exploitation of natural resources and through the concentration of ownership of Capital as less successful firms are destroyed.

And yet, apologists, like Adonis, wants us to believe that governments are neutral in this process. The state serves the interests of the ruling class. And the interests of the ruling are geared towards to increased capital accumulation instead of survival.

It is time that workers understand the workings of the Capitalist system in order to change it into something that benefits workers instead of Capitalists.