Imperialism and labour under neo-liberal globalization

“Imperialism” refers to the arrangement through which capitalism subjugates its pre-capitalist setting for obtaining commodities not otherwise available to it. Colonialism was such an arrangement; in today’s world it is replaced by neo-liberal globalization. Globalization keeps down working people’s real incomes everywhere, in the metropolis through the threat of capital relocation elsewhere, and in the periphery through an agrarian crisis precipitated by neo-liberal policies that swells labour reserves. While workers’ incomes stagnate, labour productivity rises everywhere, raising the share of economic surplus in world output, and creating an ex ante tendency towards over-production. This tendency was checked earlier by asset-price bubbles in the U.S., but with the collapse of the housing bubble, world capitalism has entered a prolonged crisis. To protect its position, capital is allying itself to neo-fascism; but neo-fascism, while aggravating working people’s suffering, is incapable of overcoming the crisis. It must be overcome, but this requires going beyond neo-liberalism.