To be sure, the Western capitalist countries—partly due to the internal contradictions of their own economies and partly because of their heavy dependence on American commodity and financial markets—will continue to participate with their financial assets in safeguarding the relative stability of the U.S. economy and, thereby, of the global system. For the adventurist dominance of finance capital is, in general, the manifestation of deep-seated economic crises rather than their cause, even if, in its turn, it greatly contributes to their subsequent aggravation. Thus, the tendency to destroy certain industries and to transfer much of the financial assets thereby generated to the United States is by no means accidental. (Though, of course, it is utterly grotesque that Britain, for instance, which leads the capitalist world in the process of “de-industrialization,” should also be one of the principal creditor countries today.) Nor should it be surprising that once the assets of a country are deployed in this way, the pressure for protecting them against the danger of a disastrous financial chain-reaction and ultimate collapse—by transferring further funds, supporting the dollar through the manipulative intervention of central banks, and so forth—becomes quite irresistible.
Written in August 1987 and first published in the Brazilian periodical Ensaio 17/18: número especial, 159–71. Republished in István Mészáros, Beyond Capital (London: Merlin Press, 1995), 952–964.
Transcribed by V. S. Conttren, February 2019.
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