Nèdeem Elmahjoub's blog

The article was written on 24 of March. A couple of figures are not up-to-date. Covid-19 Pandemic will change everything—for better or worse

An admission that this one of the inherent aspects of capitalism In Tooze’s view,  “These crises are hard to predict or define in advance,”  and, short of more regulation, there is nothing we can do. In a way, as long as capitalism continues as the dominant mode of production globally, that is pretty much right.  That reminds me of what Greenspan said in his final summation of the crisis: “ I doubt that stability is achievable in capitalist economies, given the always turbulent competitive markets continuously being drawn toward but never quite achieving  equilibrium” . He went on,  “unless there is a societal choice to abandon dynamic markets and leverage for some form of central planning, I fear that preventing bubbles will in the end turn out to be infeasible. Assuaging the aftermath is all we can hope for.” Crashed: more the how than the why

"There can be no question that violence and racism were essential traits of fascism. But for most Italians, Germans and other European fascists, the appeal was based not on racism, much less ethnic cleansing, but on the fascists’ ability to respond effectively to crises of capitalism when other political actors were not. Fascists insisted that states could and should control capitalism, that the state should and could promote social welfare, and that national communities needed to be cultivated. The fascist solution ultimately was, of course, worse than the problem." It was not just hate, racism and violence. Fascism offered robust social welfare Two young nation states in the biggest economic crisis of capitalism. Offering solutions to a system in crisis appeals to the conservatism in the majority and makes them complacent and even complicit in racism and violence. A threat is created and some-people-"are-better-than-others" find an echo in the shell of the na...