Once again I see people blaming the current economic crisis on capitalism and failing to attribute culpability to the real culprit in this ongoing disaster - globalisation.
Why is it all down to globalisation? Well - to explain that I first need to explain what capitalism is and isn't.
Capitalism is an economic model - not a political ideology - whereas globalisation is an extension of capitalism into a political ideology.
The fundamental basis of capitalism is speculation. In a national context this is manageable because a nation has the authority and ability to enforce that authority.
The principle of globalisation as a political ideology is to circumvent national borders and, thus, national laws - as such it is, in its rawest form, an anarchic ideology.
When we last allowed globalisation to take root - just around the end of WW1 - it was in a raw form and was, consequently, very anarchic. The end result came inside 15 years and was the Great Depression.
This time around we tried to contain the anarchy with a number of transnational institutions which are supposed to impose some sort of control on the anarchic nature of globalisation (which is why globalisation is beloved by the new left - it gives them an excuse to create world governing authorities without the need for the inconvenience of democracy and elections).
But as anyone who knows capitalism will tell you, one of the features of capitalism is boom and bust. When capitalism is employed in a national context those booms are modest and the busts manageable and containable.
However, when you take capitalism global and remove the constraints that capitalism in a national context can apply, the effects are amplified significantly - the booms are massive but the busts spectacular.
It lasted longer than it did in the early 20th century, but still blew itself out inside 25 years.
This is why globalisation fails and why it will always fail.
Globalisation is not capitalism - it is the extension of capitalism into an ideology.
Globalisation is not sustainable - it is subject to the same cycles as capitalism, but because those cycles are so significantly amplified the busts are too painful to make the booms worthwhile.
It is not controllable - it is anarchic and self-feeding.
Until we understand that the economic failure we are seeing today is a failure of globalisation and NOT a failure of capitalism then we will not understand what needs to be done to recover from it. What is more, if we do not recognise where the problem lies we will see a resurgence of the extreme left just as we did post WW1 and that will give rise to a resurgence of the extreme right - just as we saw in the lead up to WW2.
What is needed is a return to nationalism before the extremes of either political wing can take root. Nationalism has a dirty name thanks to the ongoing smears of the left and the "useful fools" in the unthinking media - but we should never forget that Britain and the USA were once proud and very nationalist countries when they defended the world against Nazism.
Nationalism is not a bad thing - extremism is.
And extreme globalism is every bit as bad as extreme nationalism.