Portside

A new, populist, explicitly anti-capitalist party must emerge and start organizing at the grassroots level to build power over time. And this new political party must be led by and represent the young, the unemployed, underemployed and misemployed, people of color, people in debt, and everyone else who has been victimized by capitalism.

Corruption is endemic to the capitalist system and has not been successfully regulated away. Perhaps a system change is warranted?

We have passed the era of industrial capitalism and have entered finance capitalism based on expansion of the neoliberal economic model globally. This is fundamental to understand because it is this model that is driving all of our crises.

Condemning the “new tyranny” of unfettered capitalism and the “idolatry of money,” Pope Francis argues in a newly circulated apostolic exhortation that “as long as the problems of the poor are not radically resolved by rejecting the absolute autonomy of markets and financial speculation and by attacking the structural causes of inequality, no solution will be found for the world’s problems or, for that matter, to any problems.”

Reader Comments: Capitalism and Unemployment; New York and Seattle elections; more. Announcements: Human Rights Film Screenings New York City -Nov 20 26; Breaking the Silence-Oakland-Nov 23: Fighting Back Against Wall Street -NYC-Nov 25; Chanukah Message from Jewish Voice for Peace; The National Labor College; New Day New York Dec 5 Day of Action; 50% Off PM Press for the Holidays; Pvt Chelsea Manning-4th birthday in prison-Dec 17; Faith Petric Memorial -Berkeley-Jan 15

Capitalists defend their "right" to hire and fire as an unquestioned "entitlement". Yet it surely should be challenged on grounds of its undemocratic nature and its perverse social results. Employing people in socially useful work is more humane, more productive and less costly. Yet a private profit-driven capitalist system yields the endless unemployment, spiking repeatedly. Except, of course, capitalists want it because it keeps them at top of capitalist society.

Review of George Packer's "The Unwinding: An Inner History of the New America." This American life is a mess. As responsible as they were for instigating the Great Recession, Wall Street and the securities industry were not the business centers solely at fault for the lead-up to the collapse. An outsized military budget, imperial wars, the decline of unions as counterweights to corporate excesses and the flight of manufacturing overseas played their parts, too.