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The Age of Extremes: 1914-1991. EHobsbawm (1995) (p. 343)

July 29, 2013

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“As we take for granted the air we breathe, and which makes possible all our activities, so capitalism took for granted the atmosphere in which it operated, and which it had inherited from the past. It only discovered how essential it had been, when the air became thin. In other words, capitalism had succeeded because it was not just capitalist. Profit maximization and accumulation were necessary conditions for its success but not sufficient ones. It was the cultural revolution of the last third of the century which began to erode the inherited historical assets of capitalism and to demonstrate the difficulties of operating without them. It was the historic irony of the neo-liberalism that became fashionable in the 1970s and 1980s, and looked down on the ruins of the communist regimes, that it triumphed at the very moment when it ceased to be as plausible as it had once seemed. The market claimed to triumph as its nakedness and inadequacy could no longer be concealed.”

[op. cit., p. 343]

Manuel J. Matos‘s insight:

Keys to understand our present times …

See on www.bookdepository.co.uk

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