Capitalism seems to have been capable of managing its global crisis in economy at least until now, we have to accept.
Over-accumulated capital is somehow used for the next profitable turns, transferred in time and space and capitalist business cycle begins to operate again. Private debts are changed into public debts and public debts are sent to other developing places in the form of currency and inflation problem. Geography of capitalism is sufficiently large so that capital valuation and devaluation can complement each other. When a place is stagnated, another is activated for profitable production.
De-industrialization here is accompanied by industrialization there, as low interest rates by higher rates in another place. Global mobility of capital is capable of escaping from local and regional crises by moving itself into other possible places.
And now, it is easier to understand why Marx did not make any analysis on the territory of capitalist production, circulation and realization. Following Hegel's conception of universality, he referred to the universal development of capital, capitalists and workers.
Now, the wage levels of Chinese workers are linked to American labour's reproduction costs and American debts are turned into inflation in the other parts of the world.
Universal development of capital and capitalists just see before it some currencies, states, which are no longer national but can be differentiated only in their parities and languages. Dollar and Euro recognize differences only as parities indexed to them. Therefore, despite the existence of various currencies, all money is dollar or its parities just as English is universal language above numerous vernaculars.
It was already this globalization of capital that makes capitalism capable of managing crises, manipulating temporal and and spatial dimensions of accumulation.
However, full universalization and globalization of capital, capitalists and workers just prepare the global grounds for attacks against itself as well as universal solutions to its problems.
In the coming future, official right on printing dollar is likely to be globalized or globally controlled and the US will be deprived of its seigniorage monopoly. On the other side, free global trade will completely eliminate local tariff barriers and some nationally appropriated rents.
Nevertheless, despite the globalism of capital, labour mobility is and will be checked to maintain the global operation of the labour theory of value and the operational logic of capitalism.
The real problem of the next global crisis will be seen in this incompatibility, dis-accordance between the fully global and unchecked capital and the restricted labour mobility. It will be on the universal mobility of capital and spatial fixity of labour.
It should be noted that although labour has hitherto followed capital, now capital follows labour. However, this labour followed by capital is only poor labour whose reproduction cost is relatively low. Therefore, when and where capital and labour concentrate in the same spaces, it leads into more disastrous effects by turning back us to the nineteenth century of class struggles (This is the situation of rapidly developing industrial regions). Other places turn into either the regions of labour without capital (poor ones) or those of capital without labour (complete rentier ones). Former ones mean hunger, civil strife and immigrants while the latter implies military based financial oligarchy. This is the situation of New York and London.
Capital has been socially contradictory till now and coming to be so in space and time. Next crisis brings into time and space problem far more than before since the newly rising productive centers of the world cannot shoulder the burden imposed by rentier countries and necessarily rising wage levels at their domestic markets. As for time, it is not so easy for the masses and states to roll over their debts so long.
It is not accidental that rentier countries have also extreme, unbearable state debts like their citizens. As for productive nations, the wage and consumption levels cannot be depressed so long and their accumulations and reserves should be circulated to their domestic markets somehow. This development surely increases the interests that have to be paid by the developed countries in the form of state bonds, etc.
Lenin said that capitalist imperialism was the highest stage of capitalism. However, it was the time of "international" capitalism. Now, it is no more international but global, in other words, the universal level of capital and capitalists. It is indeed this stage, spatiality of capitalism that really and completely contradicts the social and spatial position of labour, labour power and the concrete workers.
Ever-increasing universality of capital will be combined by the demands for equal wages with the spatial fixity of labourers and capitalism loses its control on the levels of wages at the global level.
Next global crisis of capitalism will be not managed so easily.
The only thing that is still absent for this future is the global workers movement, organization and ideology, which deserve more than the "Occupy Wall Street" action, or street demonstrations in Europe against austerity measures.
Next global crisis probably erupts around ten years, and more forcefully, 25 years, later. Small crises culminate in bigger ones. However, without organized, socialist and global workers, including all labouring classes, we will be talking about the same problems and same solutions to them.
It should be also noted that with each crisis management, capitalism empowers itself. After the current one, it becomes more powerful even if it will have postponed its internal contradictions through its time and space and newly organized social relations.
American, European, Chinese, Indian and the Middle Eastern workers need a Socialist Global like the Socialist International of the previous era. Isolated struggles in Greece, Rome, Peking or New York just make capitalists divide and rule the working classes. An American worker needs knowing that his/her wage is determined by the costs of Chinese exports to America. An European worker should learn that his well-being is a result of monopoly rent extracted from "developing" markets with huge debts.
Spatial unit of analysis of Marx's Capital is all world of universal capital and capitalists.
Capital has already united. What about the workers of the world!
