The Great Debate: Are You an Anti-Capitalist?

The big green anti-capitalist banner at our occupation at St Paul’s has kicked off a frenetic in-camp debate. Are we happy to be portrayed as anti-capitalist or not? We asked two writers to put their views across…

Yes! – Anon

Albert Einstein famously defined  insanity as doing the same thing over and over again and expecting different results. As a society, we must be insane if we insist on fixing problems created by the current system, rather than looking for a new one. Capitalism is a crisis prone system. The reason is that crisis is not an exogenous factor, it is brought about by the internal contradictions of capital accumulation (what LSE economists had described as ‘systemic risk’).

Beyond its financial shortcomings, another major problem of the capitalist model is its inbuilt inequality, making it socially inefficient. Karl Marx noted 150 years ago that capitalism provides the potential to expand production to meet the basic needs of the world’s population. But he noted that although capitalism could expand production up to a point, eventually the way the system puts profits above other considerations would become a barrier to further development. An example of this is the forced competition between firms, which causes a race for profits, inevitably leading to exploitation of labour and crisis.

Through some reforms and banking regulation we might be able to get a better deal for ourselves, but what about the rest? The inextricable links between capitalist expansion and the colonial mission, make seeking solutions within the current system a betrayal of our  initial mission of achieving global justice.

I think the time has come to look beyond capitalism towards a new social order that would allow us to live within a system that is responsible, moral and humane. Now, some might feel uncomfortable being labelled as anti-capitalists. I share these concerns. Labels are used to disguise complexities, pigeon hole movements and create divisions. However, I also believe that the time to take a stance has come.

So, think; dig deep. Is the best you can wish for yourself and your loved ones a modified version of this? Or do you dare to dream of something completely different? Something that has never been done before; something real that belongs to the people. Some will argue that we want too much, that we are idealists. Maybe, but fighting for anything less than everything would be absolutely useless.

No! – Hannah Borno

When my father came to the UK from Palestine 45 years ago he set up a pharmacy business, just himself and my mother. He had a vision, and they worked grinding hours to make it a reality. Dutifully he paid his taxes, and today, is proud of what he has achieved. So every time I see the words ‘anti-capitalist protesters’ at the start of every press report, I heave a sigh. And my heart sank every inch that bold green ‘Capitalism Is Crisis’ banner rose when it was hoisted up. It’s a label that doesn’t resonate with the majority of the 99% either – however much they may be ‘anti-bailout’. In fact, the 99% – beyond the occupation – is packed full of those working in (and in some cases owning) small and medium sized businesses. It contains many who aspire to go into business for themselves. And why not?

The ‘anti-capitalist’ label is misguided. Firstly, in reality, we don’t even practice capitalism! For a select group of dominant banks we socialise loss, while privatising profit, and big corporations have all sorts of advantages and perks – this isn’t a level playing field, it’s more like state-backed corporatism. All around me, I see small and medium sized businesses crushed by psychopathic and out-of-control corporations – hiding profits in off-shore tax havens, lobbying corrupt politicians frantically for further deregulation, and outsourcing labour in overseas factories subsidised by the taxpayer.

If the current system evaporated tomorrow what would we replace it with? A Soviet style global collectivism with a nice big fat central bank run by international bankers anyone? Er, no thanks.

You never know, a pragmatic ethical capitalism might just work. Regulate the hell out of corporations, regulate banks, end the crippling practice of fractional reserve banking and stop banking fraud. Crack down on tax havens, break-up monopolies, throw in a dash of protectionism. Then step back and allow businesses to compete and thrive. What’s wrong with choosing the tastiest cake in the shop and having a massive range of cakes to choose from?

May the best product win!