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Terminal Decline
The likes of Francis Fukuyama may continue to insist that 'liberal capitalism' is 'the end of history', but looking at long- and short-term economic trends arouses the strong suspicion that Karl Marx is set to have the last laugh. Aggregate profit, interest, GDP growth and productivity growth rates are all trending historically towards zero, along with the costs of production. Fossil fuel is becoming unprofitable, banks are dying out and the average lifespan of the richest corporations is rapidly contracting. Correlating these developments with the accelerating revolution in automated production, Ted Reese therefore makes the compelling arguement that capitalism is in terminal decline.
Ted Reese is a British Marxist and journalist. He is the author of The End of Capitalism: The Thought of Henryk Grossman, out with Zer0 Books.