Crisis of Humanity and the Specter of 21st Century Fascism
The world capitalist system is arguably experiencing the
worst crisis in its 500 year history. World capitalism has experienced a
profound restructuring through globalisation over the past few decades
and has been transformed in ways that make it fundamentally distinct
from its earlier incarnations. Similarly, the current crisis exhibits
features that set it apart from earlier crises of the system and raise
the stakes for humanity.
If we are to avert disastrous outcomes we must understand both
the nature of the new global capitalism and the nature of its crisis.
Analysis of capitalist globalisation provides a template for probing a
wide range of social, political, cultural and ideological processes in
this 21st century. Following Marx, we want to focus on the internal
dynamics of capitalism to understand crisis. And following the global
capitalism perspective, we want to see how capitalism has qualitatively
evolved in recent decades.
The system-wide crisis we face is not a repeat of earlier
such episodes such as that of the the 1930s or the 1970s precisely
because capital- ism is fundamentally different in the 21st century.
Globalisation constitutes a qualitatively new epoch in the ongoing and
open-ended evolution of world capitalism, marked by a number of
qualitative shifts in the capitalist system and by novel articulations
of social power. I highlight four aspects unique to this epoch.1
First is the rise of truly transnational capital and a new
global production and financial system into which all nations and much
of humanity has been integrated, either directly or indirectly. We have
gone from a world