Lovable Marxist granddad David Harvey, getting in there early on neoliberalism’s final Wile E Coyote moment:
… contemporary capitalist economies are 70 or even 80 percent driven by consumerism. Consumer confidence and sentiment has over the past forty years become the key to the mobilization of effective demand and capital has become increasingly demand- and needs-driven. This source of economic energy has not been subject to wild fluctuations (with a few exceptions such as the Icelandic volcanic eruption that blocked trans-Atlantic flights for a couple of weeks). But COVID-19 is underpinning not a wild fluctuation but an almighty crash in the heart of the form of consumerism that dominates in the most affluent countries. The spiral form of endless capital accumulation is collapsing inward from one part of the world to every other. The only thing that can save it is a government funded and inspired mass consumerism conjured out of nothing. This will require socializing the whole of the economy in the United States, for example, without calling it socialism.
When I’ve mentioned this to other people over the last week or so they’ve pointed out—quite rightly—that “there are still other choices They could make”. Of course there are! But few of them, if any, are unlikely to end in anything short of mass deaths and some sort of violent insurrection. As such, the race is likely already on to find a way to rebadge in an acceptable manner the socialization that Harvey predicts, while building in assorted sunset clauses and escape hatches for capital and its minions.
Which means that, for those of us on the other side of the fence, the race is on to block those bolt-holes. This is the Last International, comrades—because there won’t be another chance like this, if indeed there’s any more chances at all.