G20 and the Crisis of Imperialism

Leaders from the G20 have descended upon Toronto, turning much of the downtown core into a high-security police state, in an effort to manage an unprecedented crisis that has shaken the very foundations of the global capitalist system. Composed of the major imperialist powers (US, EU and Japan), second tier imperialists such as Canada, Australia and Russia, and various “middle power” countries that while still oppressed and exploited by imperialism have developed into regional powers with large economies (Brazil, India, China, Turkey, etc), the G20 was formed in an effort to stabilize the global economy in the interests of monopoly capitalism.

G20: Symptom of a System in Crisis

Monopoly capitalism has gone through multiple phases of expansion, each inevitably followed by stagnation and crisis. After the Great Depression, capitalism was able to save itself through massive military buildup and the expansion of industrial production during the Second World War. The military confrontation devastated much of Europe and Japan, creating areas for profitable investment through the rebuilding of Europe during the 1950s and 60s. However, by the 1970s, capitalism was again in crisis, this time because of “stagflation”. The reintegration of the former socialist countries into the imperialist world system and the neo-colonization of Third World bought a little more time, as new markets were created for the dumping of surplus production and the super-exploitation of Third World labour. However, once this process reached its point of saturation, monopoly capitalism again ran out of new areas for expansion in the real economy.

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