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1、REVIEWOFTHEMONTHAFailedSystemTheWorldCrisisofCapitalistGlobalizationanditsImpactonChinaJOHNBEllaMyFOsTERInreferringinmytitlehereto“AFailedSystem”Idonotofcoursemeanthatcapitalismasasystemisinanysenseatanend.RatherImeanby“failedsystem”aglobaleconomicandsocialorderthatincreas
2、inglyexhibitsafatalcontradictionbetweenrealityandreason—tothepoint,inourtime,whereitthreatensnotonlyhumanwelfarebutalsothecon-tinuationofmostsentientformsoflifeontheplanet.Threecriticalcontradictionsmakeupthecontemporaryworldcrisisemanatingfromcapitalistdevelopment:(1)thec
3、urrentGreatFinancialCrisisandstagna-tion/depression;(2)thegrowingthreatofplanetaryecologicalcollapse;and(3)theemergenceofglobalimperialinstabilityassociatedwithshiftingworldhegemonyandthestruggleforresources.Suchstructuralweaknessesofthesystem,asJosephSchumpetermighthavesa
4、id,aretheproductofcapitalism’spastsuccesses,buttheyraisecatastrophicprob-lemsandfailuresinthepresentnonetheless.1Howwechoosetoactto-dayinresponsetothisfailedsystemisthereforethemostcriticalques-tionthathumanityhaseverfaced.TheGreatFinancialCrisisandstagnation/DepressionThe
5、worldeconomycenteredintheadvancedcapitaliststatesisex-periencingbyfaritsworsteconomiccrisissincetheGreatDepression.AGreatFinancialCrisisonascalenotseenintheUnitedStatesandtheotheradvancedcapitaliststatessincethe1930sisleadingtoamajordeclineinworldeconomicgrowth,andispointi
6、ngtoapossibleworlddepression.2SosevereisthecurrentsituationthatevenU.S.PresidentGeorgeW.Bush,inpreparedremarksforaNovember2008summitofthecentralbankgovernorsandfinanceministersoftheG-20economies,statedthatwhatthreatened,ifdecisivegovernmentalactionwerenottaken,couldbea“dep
7、ressiongreaterthantheGreatDepression’s.”3ThisarticlewasoriginallyapresentationdeliveredtotheInternationalConferenceontheCritiqueofCapitalintheEraofGlobalization,SuzhouUniversity,Suzhou,China,January11,2009.12MONTHlyREVIEW/MaRCH2009Onewaytounderstandtheenormityoftheworldfin
8、ancialandeco-nomiccrisisisintermsofwhathasbeencalledTheReturnofDepressionEconomics.Thiswa
