The 2008 financial crisis spread from Wall Street to the world almost overnight, threatening the lives and livelihoods of millions, even though its causes had nothing to do with the production and distribution of any of the basic necessities of life. Instead, the crisis erupted because the financial system had become unhinged from its real function: supplying credit to productive enterprises. Finance capital increasingly made its money from complex “derivatives,” which are not claims on a company’s proﬁt (as shares are) but on debts packaged and sold as investments. Immense profits were made, which provided the incentive to create more derivatives, causing debts to be piled on debts, all sold with guaranteed returns. Many of these derivatives involved American mortgages. Since these were backed by a physical asset (the house), they were advertised to institutional investors as highly secure, but the models assumed that housing prices would continue to rise. As it turned out, the housing market was a bad-mortgage fuelled bubble. When it burst, the “mortgage backed securities” became worthless, and banks from Athens to Iceland collapsed. Instead of having to foot the bill for their recklessness and greed, major banks were bailed out with hundreds of billions of dollars of public money. Workers lost their jobs, housings, and savings; Wall Street bankers paid themselves bonuses for the greatest failure of the financial system since 1929.
Marx’s Base-Superstructure Theory (BST) has long been a major object of controversy. It is deeply embedded in a monumental corpus of system-challenging analysis while secondary interpretations are deeply conflicted and rarely reliable. In general, partial takes and opposed propagandas militate against primary-source understanding. Within the last 35 years, a sea-shift of global culture to anti-foundationalist relativism has uprooted the very idea of a common base or ground.
This study examines the system-deciding principle of economic rationality for its logical soundness and effects in global practice. Analysis demonstrates the fallacious structure of the underlying assumptions of homo economicus across theories and institutions, and explains how cumulative destruction of global economic, social, and ecological life systems follows from its life-blind mechanism. Higher-order concepts of life-capital, life-value efficiency, and life-good supply and demand are then defined to bring economic rationality into coherence with terrestrial and human life requirements. Read More
Decoding the US Empire of Chaos: The Global Reversal of the Social Evolution of Humanity Reproduced from: https://www.globalresearch.ca/decoding-the-us-empire-of-chaos-the-global-reversal-of-the-social-evolution-of-humanity/5507118 The interview (transcript below) from questions with Prof. John McMurtry was conducted for the 15thAnniversary of “Geopolitika” a journal of geopolitical and cultural analysis in Belgrade which was broadcast on Radio Belgrade by the weekly show “Silen” on… Read More
The following are excerpts extracted from McMurtry, John. The Cancer Stage of Capitalism: From Crisis to Cure. Pluto Press. Kindle Edition that addresses ‘The Overpopulation Argument’. “The most established general argument for our parlous condition is that the global crisis is led by ‘overpopulation’ – or more precisely, ‘seven billion human beings overloading the carrying capacities of… Read More
Ep 19 VIDEO PREVIEW – John McMurtry explains the immutable social imperative to flip this cancer paradigm to life-coherence and how knowledge is the secret to all human advancement. Read More
0.0 Capitalism and freedom is not only the title of a 1962 book by Milton Friedman playing a pivotal role in asserting worldwide the neoliberal paradigm, but also the slogan that leading statesmen, politicians and opinion-makers have been heralding in recent years, in order to justify, amongst other things, the slashing of welfare states and the invasion of foreign countries…
Published 2008-10-04 by John McMurtry
The destabilization of the world’s climate and hydrological cycles is a catastrophic effect of a more general disorder to which it is not connected — the failed global market experiment and its regulating money-value system which brings degradation and despoliation of human life and life support systems at virtually every level of life organization.
Over the past two decades of my study of and my practice in medicine, I have always been perplexed by the disconnect between the principle and the application of the proverb, “An ounce of prevention is worth a pound of cure.” Given the meteoric rise of non-communicable physical, mental and social diseases and the cost of their treatment and their burden to society, I would have guessed that policy makers would have made health promotion and disease prevention a top priority, and resources locally, regionally and internationally would have been invested in elucidating the determinants of health promotion and disease prevention and implementing the wisdom of that enlightenment.
Truth be told, much has been discovered over the past decade on adverse childhood experiences and the long-lasting effects on physical, mental and social diseases. Also Sir Michael Marmot and his collaborators have investigated the social determinants of health and have shown unequivocally that social gradients of inequality in terms of access to the basic means of life growth and development does in fact affect life expectancies and disability-adjusted-life-years. Given this trove of empirical data to guide our policy and decision makers, one would have thought that major steps would have been taken at the local, regional and international levels to remedy the social deficiencies in our homes, our schools and workplace environments. This would then serve to minimize adverse childhood experiences, (in addition to the adverse experiences of the adolescents, adults and the elderly) and would also serve to optimize the social, economic and political environments to produce enabling policies that would inform and encourage healthier lifestyles and behaviours. Read More