Capitalism and its Discontents

Change comes from action. History is not a natural process, but the result of decisions made. Etc., Etc.

Capitalism, especially U.S. capitalism, will not simply collapse because it causes harm to the majority of Americans. In fact stock valuations rise with massive lay-offs and salary and benefit reductions. Nor will it decline by academic fiat deduced from general theory; nor will it inevitably decline because knowledgeable historians point to previous empires. Capitalism or any other mode of production can survive numerous crises unless a new class is able to overthrow it and replace it with another, presumably socialist system. In the meantime, in the present period, neither the internal mechanisms of capitalism are in disrepair, nor are the supporting cast of workers, consumers, and taxpayers showing any signs of rebellion, let alone organization.

-- James Petras, "Crisis of Capitalism" [subscribers only until June], Z Magazine, January 2007, p. 54.