communists in situ

leberwurst proletariat

Der Prolet ist Ein Anderer. Klasse und Imaginäres Heute


An ihren Begriffen sollt ihr sie erkennen. Dass Begriffe nicht einfach nur neutrale generalisierte Bezeichnungen von Dingen, Vorstellungsinhalten und Praktiken, oder reflektierter: von zuvor selbst erst gesetzten Differenzen sind, wie das der Commonsense oder die Wissenschaftstheorie annehmen, sondern potentiell immer auch politische »Kampfformeln« (Eric Voegelin), vermittels derer Sachverhalte und Verhältnisse zugespitzt und einer politischen Entscheidung zugetrieben werden, das hat die politische Rechte unserem Verständnis von Begriff hinzugefügt. Ein Virtuose dieser Form von Begriffsgebrauch war Carl Schmitt. Begriffe sortieren Gegenstandsfelder nicht nur, sondern richten sie aus; und sie werden selbst zu Kennmarken, nach denen sich – gut schmittianesk – Freund und Feind gruppieren. Dabei spielen weniger analytische Trennschärfe und Präzision der Begriffe eine Rolle als die affektive Ladung, die sie als Elemente von Sprache nolens volens immer aufweisen und die selbst in der kältesten Wissenschaftsprosa nie ganz neutralisiert werden kann. Das eigentlich poetische Moment jeder Theorie liegt in ihrer Nomenklatur, behauptet Giorgio Agamben irgendwo: in der Belehnung bestimmter Wörter (und eben gerade keiner anderen) mit Begriffsfunktion.

Ein lange gültiges Schibboleth dieser Art war »Klasse«. Wer den Begriff benutzte, kam von links, wer sich über den Begriff stritt – und da gab und gibt es einiges zu streiten! –, der stand auf der Linken; und dass »Klasse« zuzeiten sich zu einem »neutralen« wissenschaftlichen Begriff zu verallgemeinern schien (wie in den 1970er Jahren in der westdeutschen Akademie), kann als Anzeichen einer linken Hegemonie in diesem Bereich und zu dieser Zeit gedeutet werden. Und viele von denen, die irgendwann ihren »Abschied vom Proletariat« genommen haben, spüren noch oft eine leichte Wehmut, wenn sie wenigstens an jene alten Illusionen zurückdenken, die im Begriff »Klasse« wie in wenigen anderen aufgespeichert sind.

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The Case Against a Basic Income


A universal basic income would shore up the market. We need ideas that shrink it.

In her campaign memoir What Happened, Hillary Clinton wrote that the idea of a universal basic income (UBI) for all Americans “fascinated” her. Reflecting on her wholly uninspiring campaign, she explained that she wanted to include it in her platform but “couldn’t make the numbers work,” so she dropped the idea.

She had planned to call it “Alaska for America,” referring to the Alaska Permanent Fund. Established in 1982, that program gives each of the state’s citizens an annual dividend from oil revenues. The idea gained popularity in the mid-sixties, and Nixon almost implemented it nationwide. American researchers conducted large-scale experiments in New Jersey, and a Canadian study took place in Winnipeg during the mid-seventies. At the time, the proposal produced heated debates in continental Europe and North America, but the decades that followed led to a slow but steady decline in support. The conservative preference for the “workfare” and “activation” policies that characterized welfare reform in the nineties — led by a different Clinton — turned basic income into a utopian fantasy.

But as interest in UBI from one of the planet’s most powerful political figures attests, the last ten years have given new life to the idea. Indeed, it’s now on the agenda of many movements and governments. For Philippe Van Parijs and Yannick Vanderborght, two of UBI’s leading proponents, “the conjunction of growing inequality, a new wave of automation, and a more acute awareness of the ecological limits to growth has made it the object of unprecedented interest throughout the world.”

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Hegel and Freud


Mladen Dolar (2012)

Hegel and Freud have nothing in common, it would seem; there is everything to oppose them. On the one hand: the speculative philosopher of absolute spirit whose system encompassed every sphere of being – logic, nature, and spirit – and who is reputed to be the most obscure and difficult in the entire grand philosophical tradition; on the other hand: a man of medical formation, a therapist who in all his work took clinical practice as his guideline and only gradually extended some psychological insights into larger circles of culture, civilization, and history. On the one hand: not only a philosopher, but a philosopher par excellence, the paradigmatic example of a philosopher who managed to encapsulate in his system all the themes and achievements of the metaphysical tradition; on the other hand: a man of natural science who adamantly opposed philosophy as such and even saw attempts to turn psychoanalysis into a new philosophical current as one of his discipline’s greatest dangers. On the one hand: not only a German, but seemingly a German par excellence, a model of German spirit, or even the Prussian state philosopher, as the adage goes; on the other hand: a Jew who already in his young days experienced the pressure of anti-Semitism and eventually, despite his fame, lived his final days in exile, his books burned by a regime that was, ironically, evoking Hegel. And finally, on the one hand the philosopher who relied more than anyone else in the history of philosophy on the powers of reason, concepts, and knowledge; on the other hand someone who more than anyone else took his cue from something that inherently escapes those powers or presents their fissure – this fissure forms the very object of psychoanalysis, of entities such as the unconscious and the drives.

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Full book, translated into English by Robert Hurley.

Economy rests on a pair of fictions, therefore, that of society and that of the individual. Destituting it involves situating this false antinomy and bringing to light that which it means to cover up. What these fictions have in common is making us see entities, closed units and their relations, whereas what there is in fact are ties. Society presents itself as the superior entity that aggregates all the individual entities. Since Hobbes and the frontispiece of Leviathan, it’s always the same image: the great body of the sovereign, composed of all the minuscule, homogenized, serialized bodies of his subjects. The operation which the social fiction depends on consists in trampling on everything that forms the situated existence of each singular human being, in wiping out the ties that constitute us, in denying the assemblages we enter into, and then forcing the depleted atoms thus obtained into a completely fictitious, spectral association known as the “social bond.” So that to think of oneself as a social being is always to apprehend oneself from the exterior, to relate to oneself as an abstraction. It’s the peculiar mark of the economic perception of the world to grasp nothing except externally.

READ: (color) ||  PRINT: (Color) (BW)


Negation (Freud, 1925)


THE manner in which our patients bring forward their associations during the work of analysis gives us an opportunity for making some interesting observations. ‘Now you’ll think I mean to say something insulting, but really I’ve no such intention.’ We realize that this is a rejection, by projection, of an idea that has just come up. Or: ‘You ask who this person in the dream can be. It’s not my mother.’ We emend this to: ‘So it is his mother.’ In our interpretation, we take the liberty of disregarding the negation and of picking out the subject‑matter alone of the association. It is as though the patient had said: ‘It’s true that my mother came into my mind as I thought of this person, but I don’t feel inclined to let the association count.”[1]

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Estrangement and Cognition


by Darko Suvin

1. Science Fiction As Fiction (Estrangement)

1.1. The importance of science fiction (SF) in our time is on the increase. First, there are strong indications that its popularity in the leading industrial nations (United States, USSR, United Kingdom, Japan) has risen sharply over the last 100 years, despite all the local and short-range fluctuations. SF has particularly affected such key strata or groups of modern society as college graduates, young writers, and the avant-garde of general readers appreciative of new sets of values. This is a significant cultural effect which goes beyond any merely quantitative census. Second, if one takes as the minimal generic difference of SF the presence of a narrative novum (the dramatis personae and/or their context) significantly different from what is the norm in “naturalistic” or empiricist fiction, it will be found that SF has an interesting and close kinship with other literary subgenres that flourished at different times and places of literary history: the classical and medieval “fortunate island” story, the “fabulous voyage” story from antiquity on, the Renaissance and Baroque “utopia” and “planetary novel,” the Enlightenment “state [political] novel,” the modern “anticipation” and “anti-utopia.” Moreover, although SF shares with myth, fantasy, fairy tale, and pastoral an opposition to naturalistic or empiricist literary genres, it differs very significantly in approach and social function from such adjoining non-naturalistic or metaempirical genres. Both these complementary aspects, the sociological and the methodological, are being vigorously debated by writers and critics in several countries, evidence of lively interest in a genre that should undergo scholarly discussion too.

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The Singular Pursuit of Comrade Bezos


by Malcolm Harris

It was explicitly and deliberately a ratchet, designed to effect a one-way passage from scarcity to plenty by way of stepping up output each year, every year, year after year. Nothing else mattered: not profit, not the rate of industrial accidents, not the effect of the factories on the land or the air. The planned economy measured its success in terms of the amount of physical things it produced.

— Francis Spufford, Red Plenty

But isn’t a business’s goal to turn a profit? Not at Amazon, at least in the traditional sense. Jeff Bezos knows that operating cash flow gives the company the money it needs to invest in all the things that keep it ahead of its competitors, and recover from flops like the Fire Phone. Up and to the right.

— Recode, “Amazon’s Epic 20-Year Run as a Public Company, Explained in Five Charts

From a financial point of view, Amazon doesn’t behave much like a successful 21st-century company. Amazon has not bought back its own stock since 2012. Amazon has never offered its shareholders a dividend. Unlike its peers Google, Apple, and Facebook, Amazon does not hoard cash. It has only recently started to record small, predictable profits. Instead, whenever it has resources, Amazon invests in capacity, which results in growth at a ridiculous clip. When the company found itself with $13.8 billion lying around, it bought a grocery chain for $13.7 billion. As the Recode story referenced above summarizes in one of the graphs: “It took Amazon 18 years as a public company to catch Walmart in market cap, but only two more years to double it.” More than a profit-seeking corporation, Amazon is behaving like a planned economy.

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The Limits of Utopia



Dystopias infect official reports.

The Intergovernmental Panel on Climate Change (IPCC) demands a shift in our emissions by a third to avoid utter disaster. KPMG, in the leaden chattiness of corporate powerpoint-ese, sees the same horizon. NASA part-funds a report warning that systemic civilizational collapse ‘is difficult to avoid.’

We may quibble with the models, but not that the end of everything is right out there, for everyone to discuss.

The stench and blare of poisoned cities, lugubrious underground bunkers, ash landscapes… Worseness is the bad conscience of betterness, dystopias rebukes integral to the utopian tradition. We hanker and warn, our best dreams and our worst standing together against our waking.

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Marx and Freud


by Paul Mattick (1956)

A review of EROS AND CIVILIZATION. A PHILOSOPHICAL ENQUIRY INTO FREUD. By Herbert Marcuse. The Beacon Press, Boston, 1955, 277 pp., $3.95.

Marcuse’s book renews the endeavor to read Marx into Freud. Previous attempts, by Reich and Osborn for instance, failed miserably. Instead of overcoming a bewailed inertia, Reich’s theories hardly sufficed to sustain a ridiculous private racket. Osborn’s work, a product of the Stalinist popular-front period, designed to attract the petty bourgeois, was soon forgotten by both the Western petty-bourgeoisie and the bolshevik regime. Psychoanalysis did not become part of, or a new basis for, a radical doctrine but merely a way of transferring money from the analyzed many to the analyzing few. By providing a new terminology for the various social “ills,” the ideological inertia, as part of the general inertia of capital stagnation, could at least verbally be ended. The re-interpretation in psychoanalytical terms affected all and everything; literature, the arts, the social sciences and politics. Psychoanalysis, moreover, became an independent branch of social activity developing vested interests of its own. Once installed, it perpetuated itself in competition with other ideological instrumentalities by continuously re-creating “demand” for its services through the discovery of new and more “ills” falling into its domain. It is now part and parcel of the prevailing social structure which commercializes all ideas and makes a business out of tangibles and intangibles alike.

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The Political Economy of Anti-Racism

Jennifer Lopez Holds Get Out The Vote Concert For Hillary Clinton In Miami

by Walter Benn Michaels (2018)

This essay originated as a kind of stump speech, an effort to spell out and update an argument about the uses of anti-racism and anti-discrimination that I’ve been making for some time to audiences that might or might not be familiar with it. The idea of publishing some version of it in conjunction with Adolph Reed’s piece was Adolph’s, and the proposed venue was the left journal Jacobin; it would be, as Adolph endearingly put it, “a nicely affirmative statement about where the magazine stood on the left v. identitarianism debates.” But, although some Jacobin editors expressed interest, the idea came almost instantaneously to naught. A preliminary edit of Adolph’s piece—cutting it in half and leaving out material that he thought was crucial—made him decide to withdraw it. And, truthfully, I had been from the start skeptical. First, because—although we both respect Jacobin and have both published in it before—I was a little less sanguine about the magazine’s desire actually to make any kind of statement about where it stood on the left v. identitarian issue. And, second, because part of my argument (as suggested below in a photo taken at a talk I gave at U.C. Riverside) involves a critique of the role played by elite universities in (to borrow a phrase from Adolph’s and Willie Legette’s note on V.O. Key) “suppressing working-class politics in the service of both black and white political elites.” But, of course, both the students at schools like the ones on my list and the more-or-less recent graduates of such schools make up a significant portion of Jacobin’s readership; why would Jacobin want to publish an attack on its audience?

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Indiana Jones and the Temple of Doom: The return of the repressed (Postone)


by Moishe Postone and Elizabeth Traube (1985)

George Lucas and Steven Spielberg have emerged in recent years as masters of Hollywood entertainment cinema. They specialize in slick, technically sophisticated science fiction and adventure films, modeled on the popular culture of the 1930s and 1940s and promising a way to recover the innocent pleasures of childhood movie-viewing. Yet Lucas and Spielberg’s high-tech, traditionalist mythology lacks innocence, and this is nowhere so apparent as in their latest blockbuster, INDIANA JONES AND THE TEMPLE OF DOOM.

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On the Concept of Beauty (Adorno)


Frontispiece of Pieter Burman’s Phaedrus’s Fables, 1698.

Theodor W. Adorno, December 16, 1958, Lectures on Aesthetics

It is my intention to introduce the consideration of the central aesthetic concept, namely the concept of beauty, by discussing one of the first major texts to contain something like a theory of beauty. The text in question is a section from Plato’s Phaedrus, approximately chapters 30 to 32 according to the famous Stephanus pagination. (1)

Now, you could say first of all that it is rather strange to begin an examination of the concept of beauty by drawing on a passage of a somewhat mythological, dogmatic and certainly pre-critical character such as this one by Plato. I have chosen this passage because it demonstrates that Plato was a philosopher after all, not a mythologist; that is, all of the decisive motifs which later appear in the philosophical theory of beauty are collected in this exegesis, somewhat akin to the way that, in the introductions to certain great symphonies, the most important themes are present as if under glass and are then developed in the course of the symphony itself. So I can here present to you in statu nascendi, as it were in an almost prehistoric form, the motifs that dominate the discussion of the concept of beauty.

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On Italian Workerism


by Riccardo Bellofiore & Massimiliano Tomba

The new millennium has seen the revival of a growing interest in operaismo as testified by the republication not only of histories, but also of some classic texts. These latter have until recently been impossible to find, either because their print run was long exhausted, or else had been sent to be pulped at the end of the seventies. The international success of Michael Hardt and Toni Negri’s book Empire, which has been translated into many languages, has contributed to this revival of interest. Empire came out in 2000, not long after the mass challenge to the WTO in Seattle of November 1999, followed in turn by the blockades of the WEF summit in Melbourne of September 2000, of the World Bank in Prague the same month, and then the G8 counter-summit in Genoa of 2001. Throughout the nineties, too, there had been uprisings linked to price hikes for food and against the overwhelming power of the IMF.

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Remembering, Repeating and Working-Through (Freud, 1914)


It seems to me not unnecessary to keep on reminding students of the far-reaching changes which psycho-analytic technique has undergone since its first beginnings. In its first phase – that of Breuer’s catharsis – it consisted in bringing directly into focus the moment at which the symptom was formed, and in persistently endeavouring to reproduce the mental processes involved in that situation, in order to direct their discharge along the path of conscious activity. Remembering and abreacting, with the help of the hypnotic state, were what was at that time aimed at. Next, when hypnosis had been given up, the task became one of discovering from the patient’s free associations what he failed to remember. The resistance was to be circumvented by the work of interpretation and by making its results known to the patient. The situations which had given rise to the formation of the symptom and the other situations which lay behind the moment at which the illness broke out retained their place as the focus of interest; but the element of abreaction receded into the background and seemed to be replaced by the expenditure of work which the patient had to make in being obliged to overcome his criticism of his free associations, in accordance with the fundamental rule of psycho-analysis. Finally, there was evolved the consistent technique used today, in which the analyst gives up the attempt to bring a particular moment or problem into focus. He contents himself with studying whatever is present for the time being on the surface of the patient’s mind, and he employs the art of interpretation mainly for the purpose of recognizing the resistances which appear there, and making them conscious to the patient. From this there results a new sort of division of labour: the doctor uncovers the resistances which are unknown to the patient; when these have been got the better of, the patient often relates the forgotten situations and connections without any difficulty. The aim of these different techniques has, of course, remained the same. Descriptively speaking, it is to fill in gaps in memory; dynamically speaking, it is to overcome resistances due to repression.

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Abschied von der Klassenmetaphysik


Formwandel der Klassengesellschaft, Paralyse der Kritik. 

„In die gleichen Ströme steigen wir und steigen wir nicht; wir sind es und wir sind es nicht“ (Heraklit)

  1. Der Abschied vom Proletariat

1980 erschien in Frankreich ein Buch mit dem programmatischen Titel Adieu au prolétariat, zu Deutsch: Abschied vom Proletariat.[1] Sein Verfasser, André Gorz, traf damit den Geist der Zeit. Denn die Verabschiedung alter marxistischer Gewissheiten hatte zum Zeitpunkt der Veröffentlichung bereits seit einigen Jahren Konjunktur unter Linksintellektuellen verschiedener Provenienz. Neben dem einschlägigen Frontalangriff des Poststrukturalismus auf Subjekt, Geschichte und Emanzipation entstehen auch verschiedene Versuche einer Erneuerung des Marxismus, die diesen modernisieren wollen, ohne das Kind mit dem Bade auszuschütten. Ob es sich dabei um den libertären Ökosozialismus André Gorz‘ oder den linken Populismus von Ernesto Laclau und Chantal Mouffe handelt – das verbindende Moment dieser und weiterer durchaus heterogener Revisionen war eben jener Rückzug von der Klasse, wie die amerikanische Historikerin Ellen Meiksins Wood bereits 1986 feststellte.[2]

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Exhibit Piece – Philip K. Dick (1953)


“That’s a strange suit you have on,” the robot pubtrans driver observed. It slid back its door and came to rest at the curb. “What are the little round things?”

“Those are buttons,” George Miller explained. “They are partly functional, partly ornamental. This is an archaic suit of the twentieth century. I wear it because of the nature of my employment.”

He paid the robot, grabbed up his briefcase, and hurried along the ramp to the History Agency. The main building was already open for the day; robed men and women wandered everywhere. Miller entered a PRIVATE lift, squeezed between two immense controllers from the pre-Christian division, and in a moment was on his way to his own level, the Middle Twentieth Century.

“Gorning,” he murmured, as Controller Fleming met him at the atomic engine exhibit.

“Gorning,” Fleming responded brusquely. “Look here, Miller. Let’s have this out once and for all. What if everyone dressed like you? The Government sets up strict rules for dress. Can’t you forget your damn anachronisms once in a while? What in God’s name is that thing in your hand? It looks like a squashed Jurassic lizard.”

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How the Situationist International became what it was


by Anthony Hayes

The Situationist International (1957-1972) was a small group of communist revolutionaries, originally organised out of the West European artistic avant-garde of the 1950s. The focus of my thesis is to explain how the Situationist International (SI) became a group able to exert a considerable influence on the ultra-left criticism that emerged during and in the wake of the May movement in France in 1968. My wager is that the pivotal period of the group is to be found between 1960 and 1963, a period marked by the split of 1962. Often this is described as the transition of the group from being more concerned with art to being more concerned with politics, but as I will argue this definitional shorthand elides the significance of the Situationist critique of art, philosophy and politics. The two axes of my thesis are as follows. First, that the significant minority in the group which carried out the break of 1962, identified a homology between the earlier Situationist critique of art — embodied in the Situationist ‘hypothesis of the construction of situations’ — and Marx’s critique and supersession of the radical milieu of philosophy from which he emerged in the mid- 1840s. This homology was summarised in the expression of the Situationist project as the ‘supersession of art’ (dépassement de l’art). Secondly, this homology was practically embodied in the resolution of the debates over the role of art in the elaboration of the Situationist hypothesis, which had been ongoing since 1957. However, it was the SI’s encounter with the ultra-left group Socialisme ou Barbarie that would prove decisive. Via Guy Debord’s membership, the group was exposed to both the idea of a more general revolutionary criticism, but also ultimately what was identified as the insufficiently criticised ‘political militancy’ of this group. Indeed, in the ‘political alienation’ found in Socialisme ou Barbarie, a further homology was established between the alienation of the political and artistic avant-gardes. This identity would prove crucial to the further elaboration of the concept of ‘spectacle’. By way of an examination of the peculiar and enigmatic ‘Hamburg Theses’ of 1961, and the relationship between these ‘Theses’ and the Situationist criticism of art and politics worked out over the first five years of the group, I will argue that the break in 1962 should be conceived as one against politics as much as art (rather than just the latter, as it is more often represented). Additionally, I will outline how the SI, through the paradoxical reassertion of their artistic origins, attempted to synthesise their criticism of art with the recovery of the work of Marx beyond its mutilation as Marxism. Indeed, it was the synthesis of these critiques that enabled the considerable development of the concept of ‘spectacle’, opening the way to the unique influence the SI exerted in the re-emergence of a revolutionary movement at the end of the 1960s.

Thesis available here


Capitalism and ecology: from the decline of capital to the decline of the world – Paul Mattick


‘Kapitalismus und Okologie’ (1976) by Paul Mattick, translated by Paul Mattick Jr. This article looks at ecological crisis, the Club of Rome’s ‘The Limits to Growth’, and the work of East German philosopher Wolfgang Harich.

The historical character of nature follows from the Second Law of thermodynamics, discovered more than a hundred years ago by Carnot and Clausius, spelling an increase in entropy ending in heat death. Our earthly life depends on the continuous supply of energy from solar radiation, which decreases with increasing entropy, however slowly. The period of time involved is indefinite from the human point of view, too gigantic to be taken into practical consideration. Nevertheless, the entropy law has a continuous, direct influence on the earth and therefore on the fate of humankind. Apart from the sun, the mineral wealth of the earth provides for the satisfaction of human energy needs. Its exploitation, however, hastens the transformation of “free” into “bound” energy, that is, energy no longer available for human use and degrading towards heat death. In other words, the available energy sources can only be utilized once. With their exhaustion human life would come to an end, and indeed very long before the cooling of the sun, as all the natural riches of the earth contain no more energy than two days’ sunlight.

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Antifa, a documentary


Since the election of Donald Trump, acts of racist violence have proliferated across the United States. Racists and misogynists feel emboldened to express and act on their views. White nationalist groups and resurgent traditional white supremacist groups such as the Ku Klux Klan have used Trumps victory to gain new recruits. All that stands in their way are the groups of anarchists and anti-state communists who have taken it upon themselves to prevent fascism from becoming a powerful political force in the United States. This film tells the story of what “Antifa” is and why people are using these tactics to confront racism and fascism in the US today.

Who are the anti-fascists? What motivates them to risk their lives to fight the far right? What is the history of militant anti-fascism and why is it relevant again today? How is anti-fascism connected to a larger political vision that can stop the rise of fascism and offer us visions of a future worth fighting for? Through interviews with anti-fascist organizers, historians, and political theorists in the US and Germany, we explore the broader meaning of this political moment while taking the viewer to the scene of street battles from Washington to Berkeley and Charlottesville.

by Global Uprisings


Are We Heading for Another Economic Crash?


This article was first published by State of Nature, as part of the monthly “One Question” series, which solicits responses to a single query from a variety of thinkers. This month’s question — “Are we heading for another economic crash?” — received responses from Wolfgang Streeck, Cédric Durand, Susan Newman, David M. Kotz, Mingqi Li, Mary Mellor, Andrew Ross, Tim Di Muzio, Dario Azzellini, Ying Chen, Richard Murphy, Michael Roberts, Lena Rethel, and Heikki Patomäki. 

Wolfgang Streeck

Professor emeritus of sociology. From 1995 to 2014 he was Director at the Max Planck Institute for the Study of Societies in Cologne, Germany. His latest book is How Will Capitalism End? Essays on a Failing System (Verso, 2016).

I’m not a prophet. But there is no capitalism without the occasional crash, so if you will we are always heading for one. Inflation in the 1970s was ended by a return to “sound money” in 1980, which begot deindustrialization and high unemployment, which together with tax cuts for the rich begot high public debt. When public debt became too high, fiscal consolidation in the 1990s had to be compensated, for macro-economic as well as political reasons, by capital market deregulation and private household debt, which begot the crash of 2008.

Now, almost a decade later, public debt is higher than ever, so is private debt; the global money volume has been steadily increasing for decades now; and the central banks are producing money as though there was no tomorrow, by buying up all sorts of debt with cash made ‘out of thin air’, which is called Quantitative Easing. While everybody knows that this cannot go on forever, nobody knows how to end it — same with public and private debt, same with the money supply. Something is going to happen, presumably soon, and it is not going to be pleasant.

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