Ang Bayan
is published fortnightly by theCentral Committee of the CommunistParty of the Philippines
Ang Bayan
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Special Issue March 29, 2012
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ANG BAYAN March 29, 2012
I. Global depression, great disorderand people's resistance
T
he crisis of the world capitalist system continues unabatedand is worsening. An economic depression is devastating thelives of billions of people. The political leaders and businessmagnates of the imperialist countries continue to aggravate theeconomic and financial crisis and have failed to revive productionand employment and to raise the stagnant rates of national eco-nomic growth. The G-8, G-20, the IMF, World Bank and WTO can-not solve the crisis of global capitalism. They merely aggravate it.
power. It is no longer the solesuperpower as it used to be ac-knowledged in the decade afterthe disintegration of the SovietUnion.A multipolar world has aris-en as signaled by the expansionof the G-8 into the G-20 as avenue for maneuvers and coun-ter-maneuvers among the capi-talist powers. The crisis is fuel-ing intense economic competi-tion and political rivalriesamong them. They are increas-ingly at odds over global and re-gional policies and their tenden-cy to struggle for a redivision of the world is growing. The combi-nation of Brazil, Russia, India,China and South Africa (BRICS)tends to oppose the worst of USimpositions.For a while, the imperialistsregarded the full integration of Russia and China into the worldcapitalist system as the trium-phant expansion of capitalismand the death of the socialistcause. But inevitably, the in-creased number of competingcapitalist powers has constrict-ed further the ground for super-profit-taking by the dominantmonopoly capitalist powers. It isintensifying inter-imperialistcontradictions.The US and China have beenthe main economic partners un-der the neoliberal policy of glo-balization. But since the out-break of the financial and eco-nomic crisis in 2008, contradic-tions between them have sur-faced despite their continuingcollaboration. The US fluctuatesbetween bashing China as acause of US problems and flat-tering it as a partner in so manyways.The US outsourcing of con-sumer production to China un-dermines the manufacturingbase of the US, contributing tounemployment and causing hugetrade deficits. China has used aThey continue to pursue theneoliberal economic policy thathas brought about the grave fi-nancial and economic crisis.They are blinded by the dogmaof the “free market” in a systemof monopoly and finance capital-ism. They continue to allow themonopoly bourgeoisie to accu-mulate capital in their hands byevery means, reduce wage levelsand cut back on social serviceswithout minding the destructiveconsequences to the economyand the people.The finance oligarchy andthe biggest corporations havebenefited from huge amounts of bailout money from the state.They continue to rake in super-profits by taking advantage of the high rate of unemploymentand raising the rate of exploita-tion in absolute terms. The fail-ing banks and firms are gobbledup by bigger ones. Thus, theprocess of capital accumulationis continued by ever bigger andfewer monopoly banks andfirms.In both imperialist and dom-inated countries, public deficitsand public debt have grown as aresult of the bailouts, the taxcuts for the corporations andthe wealthy and the lower taxcollection due to the economicdepression. Nevertheless, bu-reaucratic and military expendi-tures continue to run high.In reaction to the publicdebt crisis, the imperialist anddominated states adopt austeri-ty measures by further reducingsocial services, public sectoremployment, workers' wagesand pensions. As a result, theeconomic depression worsensand social discontent spreads.The people are therefore wagingvarious forms of resistance.The US is at the center of thecrisis of monopoly capitalism. Itis still the No.1 imperialist pow-er, especially because of itshigh-tech military power. But ithas gone into a significant eco-nomic decline, which in a bigway undermines its military