The State of Capitalism: Economy, Society, and Hegemony

The health emergency in 2020 has confirmed the change signaled by the Great Crisis of 2007-9, catapulting the state to the center of economic activity. However, a historic impasse is emerging at the core of the world economy, with productive accumulation flaccid, profitability and labor productivity weak, and financialization entering a new phase. The rise in inflation indicates the need for intervention on the supply side, challenging capitalist property rights. The Pandemic Crisis has also brought to the fore fresh divisions of core and periphery, with imperialism assuming new forms and a renewed contest for hegemony emerging. This book offers alternative anticapitalist proposals.

Format: Paperback / softback
Length: 384 pages
Publication date: 29 August 2023
Publisher: Verso Books

The health emergency that erupted in 2020 marked a significant turning point in the evolution of capitalism, solidifying the underlying shift that was signaled by the Great Crisis of 2007-9. The Pandemic Crisis has propelled the state to the forefront of economic activity, but a historic impasse is gradually emerging at the heart of the global economy. Productive accumulation has stagnated, with weak profitability and labor productivity. Financialization has entered a new phase, with shadow banking expanding relative to other banks but remaining entirely dependent on the state. The state's power stems from its control over fiat money, granting it the ability to stimulate aggregate demand, but this alone cannot address the weakness of the productive sector.

The rise in inflation for the first time in forty years signifies the impasse. There is a clear need for intervention on the supply side, directly challenging capitalist property rights. However, there is no evidence to suggest that the ruling blocs in core countries will pursue such policies.

The Pandemic Crisis also exposed fresh divisions between the core and periphery of the world economy. Imperialism has taken on new forms, driven by globally active financial capital and internationalized productive capital. A renewed contest for hegemony has emerged as US power wanes. The economic challenge of China will unfold steadily in the years ahead, intensifying political tensions and military rivalries.

This book is the product of a research collective comprising authors from various parts of the world. It examines these critical issues from the perspective of Marxist political economy and presents alternative anticapitalist proposals.

Weight: 420g
Dimension: 152 x 234 x 26 (mm)
ISBN-13: 9781839767845