Sunday, March 8, 2015

Endlessly Generate Credit?

I really enjoy how Graeber closed chapter 11 in thinking about why capitalistic regimes are constantly "manufacturing" the means of their own imminent extinction (social revolution, nuclear holocaust, global warming). 

On page 360 he says, "Perhaps the reason is because what was true in 1710 is still true. Presented with the prospect of its own eternity, capitalism -or anyway, financial capitalism- simply explodes. Because if there's no end to it, there's absolutely no reason not to generate credit -that is, future money- infinitely.” 

He then adds that right after capitalism seemed to have won over socialism in the period leading up to 2008, several reckless bubbles happened soon thereafter, which brought the whole capitalism apparatus crashing down.  


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