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When the economic crisis becomes acute, when the rate of profit sinks
towards zero, the bourgeoisie can see only one way to restore its profits: it
empties the pockets of the people down to the last centime. It resorts to
what M. Caillaux, once finance minister of France,
expressively calls "the great penance": brutal slashing of wages
and social expenditures, raising of tariff duties at the expense of the
consumer, etc. The state, furthermore, rescues business enterprises on the
brink of bankruptcy, forcing the masses to foot the bill. Such enterprises
are kept alive with subsidies, tax exemptions, orders for public works and
armaments. In short, the state thrusts itself into the breach left by the
vanishing private customers. ...
In richer, more
fortunate countries, the bourgeoisie seems to have succeeded, not in escaping
the crisis permanently, but at least in extricating itself for the time being
from its difficulties. They have been able to start up again, after a
fashion, the mechanism of profit, resorting to expedients which at least have
not required the substitution of dictatorship for democracy. But they used
basically the same methods in both cases: the state refloated private
capitalism, revived it with great public works and huge "defense
contracts."
Guerin, Daniel.
Fascism and big business. 2nd ed. 1973.
Originally published in 1939 by a French journalist and scholar. I found this
in a used bookshop many years ago and had never got around to reading it
(there are a number of books in a similar state of limbo in my library). It
title on its spine caught my eye tonight and I thought the chapter titled
"Big business finances fascism" might yield something relevant to
our current situation. Didn't take long to find the paragraphs above. History
repeating? Question is: if the "bourgeoisie" can't start capitalism
back up, are we headed for fascism? Some may say that the fact that the
President/Prime Minister changes every now and then just distracts us from
the fact that we are already there!
Bron Suchecki
Goldchat.blogspot.com
Bron Suchecki has worked in the precious metals
markets since 1994, when he joined the Perth Mint as an Administration
Officer in their Sydney retail outlet. In 1998 he moved to Perth to work in
the then fledgling Depository division. He has held a number of roles since then
in the treasury, risk and governance areas of the Mint.
All posts are Bron's personal opinion and not
endorsed by the Perth Mint in any way.
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