Friday, October 3, 2008

Lenin and the October 2008 Bailout

Lenin: Imperialism, the Highest Stage of Capitalism:

(1) concentration of production and capital has developed to such a high stage that it has created monopolies which play a decisive role in economic life; (2) merging of bank capital with industrial capital, and the creation, on the basis of this “finance capital”, of a financial oligarchy; (3) export of capital as distinguished from the export of commodities acquires exceptional importance; (4) formation of international monopolist capitalist associations which share the world among themselves, (5) territorial division of the whole world among the biggest capitalist powers is completed. Imperialism is capitalism at that stage of development at which the dominance of monopolies and finance capital is established; in which the export of capital has acquired pronounced importance; in which the division of the world among the international trusts has begun, in which the division of all territories of the globe among the biggest capitalist powers has been completed."

As I have mentioned, this blog focuses on a certain line of Marxist-Leninism and emphasizes selected contemporary revolutionary praxis rather than closely following major news events, interesting as they may be to the viewing public. But then there are events of exemplary importance to us all. It may well be that the current world economic crisis will prove tremendously significant to my topics. Is this an apex of capitalistic history? Are we experiencing the result of that highest stage, imperialism as described above by Lenin? Will this present financial market crash generate an "Event" as posited by Badiou, to which a longer term allegiance to the "Truth" in the "Event" engenders a radical transformation of coordinates of political power that will favor evolution of what seems now but an egalitarian utopia, a dream? Please see these links:

Alian Badiou: Allegiance to the Truth Event.

My Delicious bookmarking system contains many links from research on the crash during recent days (just see the date range).

The Crisis of Capitalism and the Economics of Imperialist War from which I found the quote from Lenin above.

"Democracy Now" is a secondary site resource on my blog rolls, and recently two excellent interviews conducted by Amy Goodman on the financial/political crisis can be viewed...

Nobel Lureate Joseph Stiglitz: Bail Out Wall Street Now, Change Terms Later

As Senate Prepares to Vote on Revised Wall St. Bailout, Critics See Only Slight Changes Following Widespread Public Opposition

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