Though capitalism is meant to be based on competition, those at the top of the food chain have also shown themselves to be capable of inclusiveness and solidarity. The great Western Capitalists have done business with fascists, socialists, despots and military dictators. They can adapt and constantly innovate. They are capable of quick thinking and immense tactical cunning.
But despite having successfully powered through economic reforms, despite having waged wars and militarily occupied countries in order to put in place free market “democracies”, Capitalism is going through a crisis whose gravity has not revealed itself completely yet. Marx said, “What the bourgeoisie therefore produces, above all, are its own grave-diggers. Its fall and the victory of the proletariat are equally inevitable.”
The proletariat, as Marx saw it, has been under continuous assault. Factories have shut down, jobs have disappeared, trade unions have been disbanded. The proletariat has, over the years, been pitted against each other in every possible way. In India, it has been Hindu against Muslim, Hindu against Christian, Dalit against Adivasi, caste against caste, region against region. And yet, all over the world, it is fighting back. In China, there are countless strikes and uprisings. In India, the poorest people in the world have fought back to stop some of the richest corporations in their tracks.
Capitalism is in crisis. Trickledown failed. Now Gush-Up is in trouble too. The international financial meltdown is closing in. India’s growth rate has plummeted to 6.9 per cent. Foreign investment is pulling out. Major international corporations are sitting on huge piles of money, not sure where to invest it, not sure how the financial crisis will play out. This is a major, structural crack in the juggernaut of global capital.
Capitalism’s real “grave-diggers” may end up being its own delusional Cardinals, who have turned ideology into faith. Despite their strategic brilliance, they seem to have trouble grasping a simple fact: Capitalism is destroying the planet. The two old tricks that dug it out of past crises—War and Shopping—simply will not work.