Three Crises: 30s-70s-Today Brian Holmes

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“CONCEPT: The development of capitalism is marked, every thirty or forty years, by the eruption of extended economic crises that restructure the entire system in organizational, technological, financial and geopolitical terms, while affecting daily life and commonly held values and attitudes. In the course of these crises, conditions of exploitation and domination are challenged by grassroots and anti-systemic movements, with major opportunities for positive change. However, each historical crisis so far has also elicited an elite response, stabilizing the worldwide capitalist system on the basis of a new integration/repression of classes, interest groups, genders and minority populations (whose definition, composition and character also change with the times). In the United States, because of its leading position within twentieth-century capitalism, the domestic resolution of each of the previous two crises has helped to restructure not only national social relations, but also the international political-economic order. Nothing ensures that the same thing…

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