The wellbeing of a capitalist society depends on the endless accumulation of privately owned capital. This requires a replacement of input-minimising by output-maximising rationality. One result is a fiscal crisis of the state, due to increasing needs for public provision accompanied by a declining capacity of the state to tax private capital. Over the past forty years, the fiscal crisis of the state was kept in check with the help of an expanding financial system, as well as by an unlimited creation of fresh money. Both of these crisis management techniques are currently meeting their limits.The wellbeing of a capitalist society depends on the endless accumulation of privately owned capital. This requires a replacement of input-minimising by output-maximising rationality. One result is a fiscal crisis of the state, due to increasing needs for public provision accompanied by a declining capacity of the state to tax private capital. Over the past forty years, the fiscal crisis of the state was kept in check with the help of an expanding financial system, as well as by an unlimited creation of fresh money. Both of these crisis management techniques are currently meeting their limits.
Related Articles

Economics
Renegade Inc: Public Private Partnership: PFI – A Fraud on the People
January 27, 2019
Mathew D. Rose
Economics, EU politics, Finance, Financial Institutions, National Politics
0
Successive British governments have used the Private Finance Initiative since the early 90’s to fund infrastructure and public spending – but the scheme has always been controversial. The public/private partnership was supposed to create efficiency […]

Geopolitics
Chris Hedges Report: The Arab Jew Experience Exposes the Myths of Middle Eastern Antisemitism with Avi Shlaim
14 August 2024

Geopolitics
Norman Finkelstein Confronts Cancel Culture and Exposes Truths on Palestine
21 October 2024
Be the first to comment