If you haven’t heard socialists doing much crowing over the fall of capitalism, it isn’t just because there aren’t enough of us to make an audible crowing sound. We, as much as anyone on Wall Street in, say, 2006, appreciate the resilience of American capitalism–its ability to regroup and find fresh avenues for growth, as it did after the depressions of 1877, 1893 and the 1930s. In fact, The Communist Manifesto can be read not only as an indictment of capitalism but as a breathless paean to its dynamism. And we all know the joke about the Marxist economist who successfully predicted eleven out of the last three recessions.
But this time the patient may not get up from the table, no matter how many times the electroshock paddles of "stimulus" are applied. We seem to have entered the death spiral where rising unemployment leads to reduced consumption and hence to greater unemployment. Any schadenfreude we might be tempted to feel as executives lose their corporate jets and the erstwhile Masters of the Universe wipe egg from their faces is quickly dashed by the ever more vivid suffering around us. Food pantries and shelters can no longer keep up with the demand; millions face old age without pensions and with their savings gutted; we personally are consumed with anxiety about the future that awaits our children and grandchildren.
Besides, it wasn’t supposed to happen this way. There was supposed to be a revolution, remember? The socialist idea, prediction, faith or whatever was that capitalism would fall when people got tired of trying to live on the crumbs that fall from the chins of the rich and rose up in some fashion–preferably inclusively, democratically and nonviolently–and seized the wealth for themselves. Such a seizure would have looked nothing like "nationalization" as currently discussed, in which public wealth flows into the private sector with little or no change in the elites that control it or in the way the control is exercised. Our expectation as socialists was that the huge amount of organizing required for revolutionary change would create an infrastructure for governance, built out of–among other puzzle pieces–unions, community organizations, advocacy groups and new organizations of the unemployed and nouveau poor.
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