At first glance, it would indeed seem to be the case that the constant sequence of crises of the last decade or so points to some loss of meaning and value for the term. However, if we understand ‘crisis’ not as some exceptional moment or state of affairs but rather, closer to its original meaning, as a situation where some action or judgment is needed (‘critical’ as a condition where an active intervention is needed if the system in question, biological or social, is to continue) then things are much more complex. In opposition to some permanent ‘state of exception’, which is indeed a contradictory idea, we are in a continuing ‘crisis’ for some years now if by that we mean that the extended reproduction of western societies (or significant parts of them at least) can no longer be taken as a given.
Here I would say that capitalism as a whole is certainly not in crisis, just the opposite. It is indeed a bit of wishful thinking to declare the crisis of capitalism at a time when concentrations of wealth, corporate profits, and stock prices are all at history making levels (we should keep in mind that, as Marx himself had pointed out, crisis is often the solution, not the problem, for capitalism). Similarly, a great number of capitalist societies, especially many within Asia together with some in Latin America and the Africa, are the in midst of long economic booms with rapidly growing levels of consumption, employment, and economic security. Continue reading