An understanding of the failure of capitalism, beginning in the twentieth century, requires a historical examination of the rise of neoliberalism, an… - John Bellamy Foster

It has been long understood that “” is a myth. To make fundamental changes in the commodity economy it is necessary to have power over production.

Indications of this failure of capitalism are everywhere. Stagnation of investment punctuated by bubbles of financial expansion, which then inevitably burst, now characterizes the so-called free market. Soaring inequality in and wealth has its counterpart in the declining material circumstances of a majority of the population. for most workers in the United States have barely budged in forty years despite steadily rising productivity. has increased, while work and safety protections on the job have been systematically jettisoned. Unemployment data has become more and more meaningless due to a new institutionalized underemployment in the form of contract labor in the gig economy. Unions have been reduced to mere shadows of their former glory as capitalism has asserted totalitarian control over workplaces. With the demise of Soviet-type societies, social democracy in Europe has perished in the new atmosphere of “liberated capitalism.” The capture of the produced by overexploited populations in the poorest regions of the world, via the instituted by multinational corporations, is leading to an unprecedented amassing of financial wealth at the center of the world economy and relative poverty in the periphery.

We are on a runaway train headed over the climate cliff as we stoke the engine with more coal to increase its speed.