Friday, July 3, 2009

An Excellent Anti-Capitalist Analysis of the Financial Crisis

It's always hard to get good anti-capitalist perspectives on the financial crisis because unfortunately anti-capitalists oftentimes have little patience and understanding of the inner-workings of modern day capitalism. I understand why. I remember in college several friends of mine trying to major in business to understand the economy so they could better subvert and help build something better. They all dropped out before it was over.

So, when I came across Promissory Notes by the Midnight Notes Collective, a group of Autonomist-Marxists, I was relieved. It was like listening to NPR's Planet Money if those guys were on the frontlines of a global justice summit.

The Midnight Notes analysis is refreshing because it looks at how capital reacts to working class resistance and other social movements actions. It flips the dominant view on its head- how are we going to respond to all the injustices being wreaked on the planet by elites? And says- actually capitalists are constantly responding to us and how they can continue maximizing their profits while holding on to all that power.

The basic premise of Promissory Notes, which I love, is that the global financial meltdown happened in part because of grassroots resistance. And their case is compelling. Also, there are certain irreconcilable contradictions in capitalism that those in power have continued to try and keep at bay through corporate globalization and recently financialization and finally those contradictions could not be brushed aside or glossed over any more.

Their analysis is compelling and thoughtful. Also, it ends with a very solid and inspiring suggestion for organizing towards a more just world. Everyone should definitely check it out.

Again that link is here- Promissory Notes

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