Capitalism: Broken?


From ReadySteady, review of William D. Cohan’s House of Cards: How Wall Street’s Gamblers Broke Capitalis:

Cohan’s book is subtitled How Wall Street’s Gamblers Broke Capitalism, but it is precisely that global, historically-situated, man-made, overturnable social system — capitalism — that he never defines or critiques. This is a thrilling narrative in parts but, like so many books about the credit crunch it is curiously incurious about the system that requires bankers to get up to their creative accounting in the first place. Certainly, the world financial meltdown came about because of perverse and ridiculous derivatives, collateralized debt, unrestrained mortgages and also because — as Cohan shows clearly — of the negligence, greed and criminality of individual bankers, but behind all of that is a social system that has always been blind to human need and based on the extraction and circulation of value. Wall Street’s gamblers haven’t broken that system, but they have broken the real economy where real people live and work. And when real people realise that Wall Street gamblers are merely an epiphenomenon of a system that is intrinsically inimical to their needs then it might be them and not a bunch of greedy, overpaid, blue-eyed white men who really break capitalism. For good.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s