Volume 3, Number 1 (2010)

A Cacophony of Crises Systematic Failure and Reasserting People’s Rights

Johannes Dragsbaek Schmidt

Aalborg University


A  cacophony  of  crises  challenges  neoliberalism and marks a fundamental reversal in capitalism itself. This  is  a  systemic  failure  of  the  capitalist mode  of production  to  renovate  and  renew  itself  through  a multiplicity of environmental and resource crises and the financial crises which has important links with the real  economy.  Capitalism  cannot  survive  by  simply inventing new  institutions –  global or national – or by  shifting  to another phase. New nationalisms and protectionisms  loom  on  the  horizon,  while  darker shades of xenophobia are another possible scenario. A further possibility  lies  in  the emergence of  informalized labor markets and economies as a result of the last phase  of neoliberal  globalization.  Informalization  or disposessed  surplus  labor has  some  revolutionary potential.  The  paper discusses  various  alternatives  based  on  the  new economy of  the  informalized sectors.

Keywords: crisis, neo-liberalism, globalization, nationalism, protectionism, labor, capital, informalization, alternatives