Xenophobia in an Era of Economic Expansion: The end of the Left and Right as we knew it
The following note was written in response to a terrorist incident in New Zealand over 7 years ago but when it delved into the deeper dimensions of the incident, it arrived at broader conclusions that are still relevant today Abbas Goya - March 19, 2019 The International Monetary Fund reports that the official global rate of capital accumulation in 2018 remained below 4 percent, with a substantial portion of that growth driven by the exceptionally high rates of accumulation in China and India. In the IMF’s rankings, Iran’s economy—with a contraction of 3.6 percent—stood near the very bottom, performing only slightly better than South Sudan and Venezuela. Only ten countries recorded negative growth that year. Capitalism, particularly in the West, is therefore not in a state of collapse or paralysis; rather, it has been experiencing a period of expansion. This expansion, however, remains fragile. The rate of accumulation is not extraordinary, yet the immense concentration of wealth...