SOC 001 Lecture Notes - Lecture 7: Walden Bello, Capital Accumulation, Thatcherism
19 Aug 2020
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Document Summary
The global collapse - a non-orthodox view (walden bello) Central crisis or contradictions of global capitalism: crisis of overproduction/overaccumulation/overcapacity. Tendency for capitalism to build up, in context of heightened inter- capitalist competition, tremendous productive capacity that outruns population"s capacity to consume (due to wealth inequality) erosion of profitability economic downspin. Period of rapid growth both in center economies and underdeveloped economies triggered partially by massive reconstruction of europe and asia (wwii), and partly by new socio-economic arrangements and instruments based on historic class compromise b/w capital and. Came to an end in mid 1970s stagflation: Due to reconstruction of germany and japan, and rapid growth of industrialized economies (ex. Brazil, south korea, taiwan) added tremendous new productive capacity and increased global competition. Plus income inequality in countries and b/w countries limited growth of purchasing power and demand eroded profitability. Took form of reaganism and thatcherism in north and structural. Adjustment in south aim to invigorate capital accumulation by:
