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Tremors on the global market

Trenkle, Norbert and Robinson, Josh 2009. Tremors on the global market. Krisis: Kritik der Warengesellschaft 2009 (24 Mar)

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In 2005, Franz Müntefering, at the time chairman of the German Social Democratic Party, articulated a ‘critique of capitalism’ according to which the blame for the increased economic instability and precarisation of twenty-first-century capitalism lies with ‘greedy speculators’, whom he described as locusts. This prompted a wide-ranging debate on the German left as to the appropriateness of this and other images that replace analysis of the structural logic of capitalism with moral condemnation of individual agents within this logic. In conjunction with hostility towards finance capital, this personification of structural relationships resonates with the long tradition of what August Bebel termed the ‘socialism of fools’, culminating in the ‘critique of capitalism’ advanced by the NSDAP and the contemporary far-right. This essay, written during the early stages of development of the current financial crisis in May 2008, is a contribution to the analysis of the nature of the relationship between the current over-inflation of the financial markets and the dynamics of globalised capitalism, and of its consequences for trade unions and social movements

Item Type: Article
Date Type: Publication
Status: Published
Schools: English, Communication and Philosophy
Last Modified: 04 Jun 2017 08:43

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