The barbaric wave of austerity crashing across Europe and much of the rest of the world both resembles and differs from the classical period of primitive accumulation which deprived masses of people of their means of production. Although landgrabs continue in this modern version of primitive accumulation, the central thrust is the destruction of all public wealth in the interest of capital. Another difference is that classical political accumulation reflected the optimism associated with a new form of making wealth, while viciousness of modern primitive accumulation seems to be an attempt to recapture the vitality of early capitalism. However, despite the short-term benefits of such cannibalistic policies for capital, in the end the result will be detrimental to the capitalists, as well as the rest of society.

Michael Perelman is a Marxist economist and economic historian and a professor of economics at California State University, Chico. He has has written numerous books and academic articles on the topic of primitive accumulation, including The Invention of Capitalism: The Secret History of Primitive Accumulation (2000).

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Fuente: Delavsko-punkerska univerza