‘Outdated and unjust’: can we reform global capitalism?

President Trump’s tariffs have plunged the world economy into chaos. But history counsels against despair – and the left should seize on capitalism’s crisis of legitimacySince Donald Trump launched his chaotic trade war earlier this year, it has become a truism to say he has plunged the world economy into crisis. At last month’s spring meetings of the World Bank and International Monetary Fund in Washington, where policymakers and finance ministers from all over congregated, the attenders were “shellshocked”, the economist Eswar Prasad, a former senior IMF official who now teaches at Cornell, told me. “The sense is that the world has changed fundamentally in ways that cannot easily be put back together. Every country has to figure out its own place in this new world order and how to protect its own interests.”Trump’s assault on the old global order is real. But in taking its measure, it’s necessary to look beyond the daily headlines and acknowledge that being in a state of crisis is nothing new to capitalism. It’s also important to note that, as Karl Marx wrote in The Eighteenth Brumaire of Louis Napoleon: “Men make their own history, but they do not make it as they please.” Even would-be authoritarians who occupy the Oval Office have to operate in the social, economic and political environment that is bequeathed to them. In Trump’s case, the inheritance was one in which global capitalism was already suffering from a crisis of legitimacy. Continue reading...

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