Content:
Historical economic analysis that argues that Capitalism is coming to an end
- Part 1 considers neoliberalism as broken system, looks at long waves in history, asks if Marx was right and proposes that one of the long waves of economic history (Kondriatieff cycles) has been disrupted, first the most recent wave was prolonged by the reconstruction after WW11 and secondly when the cycle ran to its end in the 1980 its impact (for the rich) was postponed by wage-cuts, deskilling and a reduction in the social wage. Mason says that the in the end stage of the three other cycles workers had resisted these measures but not this time.
- Part 2, goes on to look at what pressures are creating something he calls post capitalism - in particular technology's ability to make a lot of things uneconomic in the traditional sense.
- Part 3 looks at the nature of historical transitions and how this one might be managed, in the last chapter he describes how this might be managed, a "project zero".
Relevance: I found the thorough review of recent economic historiography from a left position very useful. I am not convinced that capitalism has run its course because up to now, it has been capable of changing and adapting. I am concerned that concentrations of power are stopping necessary change and think the key issue for the left is to make a convincing case that something better is possible, then to flesh out exactly how society can can be transformed. I think its needs to be by mobilising people and reinvigorating democracy, which means overcoming inertia and combatting the influence that concentrated money buys. There is an overlap between what I suggest and some of Paul Masons conclusions.