The State of Capitalism: Economy, Society, and Hegemony

Thinking beyond pandemic capitalismThe health emergency that broke out in 2020 is a landmark event in the development of capitalism, confirming the underlying change signalled by the Great Crisis of 2007-9.

The pandemic has catapulted the state to the centre of economic activity.

However, a historic impasse is steadily becoming apparent at the core of the world economyProductive accumulation is flaccid, as both profitability and labour productivity are weak.

Financialisation has entered a new phase, as “shadow banking” grew relative to other banks but is entirely dependent on the state.