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Capitalism at an Impasse

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Capitalism is in a state of deep crisis. This crisis is far from being one of the ordinary crises of capitalist economy. By all evidence it is a deep system crisis of historical importance. Capitalism is at an historical impasse, argues Elif Çağlı in her article. After her booklet titled "Crises of Capitalism and Revolutionary Situation" she explains the nature of capitalism with a special emphasis on the role played by credit mechanism, referring to Marx who made a special emphasis on the role of credits in the workings of capitalist economy. While the credit mechanism helps the system overcome certain problems, it reproduces them on a greater scale. Çağlı makes the point that the credit mechanism as well as other tools used by capitalism is now quite worn out. They have almost completely lost their efficiency in overcoming great crises. Capitalism has also lost its capacity for a great scale transformation and reforms that might save it a new era of freshness and provide the broad working masses a genuine welfare.
part one

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