By Hanif Ghaffari

Endless crises in the capitalist system

February 13, 2019

TEHRAN - The economic crisis in the United States and the European Union continues fact is that the capitalist system is unable to solve the economic crisis. The presence of Donald Trump at the head of the political and economic equation of the United States has accelerated the process. Holding sessions such as Group 20 and Group 7 has practically no benefit in this regard.

 In these meetings, a solution to the economic crisis in the international system has not been presented. The G20 members have been meeting several times during the Obama presidency and after the economic crisis in the West. Even at that time (during which there was no barrier called "Trump" at the White House), the top 20 world leaders could not come to a collective and credible solution to solve the existing economic crises.

 More than ten years have passed since the beginning of economic crisis in the United States and Europe, and European officials continue to call for the adoption of austerity policies as the only way to keep the status quo. This is in spite of the fact that many of the economists and politicians in the West are pessimistic about the transition from this economic crisis which is ruling over the international system.

The crises in the capitalist system are very deep at the current time!

At the moment, in addition to the underlying crisis affecting the G20, we are witnessing another crisis called "the presence of Trump in the White House"! The U.S. President explicitly rejects the multilateralism considered by the G20 member states, and violates international trade law by unilateralism. Currently, the main concern of G20 members is how to confront with Trump's protectionist policies and orders.

 In the meantime, there is essentially no opportunity for convergence among G20 members to face the current economic crisis in the international system. Numerous problems and damages had hardly hit the G20 member states' infrastructure as well as their superstructure, and it should be acknowledged that the top 20 economic powers in the world have not yet decided how to deal with these two types of problems.

Finally, it should be concluded that economic summits in U.S and Europe have become a symbol of the lack of cooperation between the participating members in the international system, rather than a symbol of convergence of the world's most powerful economic players. Undoubtedly, current crises in the capitalist system will continue to escape. Crises in 2019 could see signs in America and Europe.

Leave a Comment

9 + 1 =