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This process is driven by so called fourth industrial

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This process is driven by so-called fourth industrial revolution technologies, includingartificial intelligence and machine learning, Big Data, autonomously driven land, air and sea vehicles, quantum and cloudcomputing, 5G bandwidth, bio- and nanotechnology and the Internet of Things, or IoT.The crisis isnot onlyeconomic and political, but alsoexistential because ofthe threats ofecological collapse and nuclear war,to which we must add thedanger offuture pandemicsthat may involve much deadlier microbes thancoronaviruses.Thepandemic lockdowns served as dry runsfor howdigitalization may allow the dominant groups to step up restructuring timeand space and toexercise greater control over the global working class.The system is now pushing towardsexpansion through militarization, wars andconflicts, through a new round of violent dispossession and through further plunder of the state. The ruling classes are also usingthe health emergency to legitimate tighter control over restive populations.The changing social andeconomic conditions brought about by the pandemic and its aftermath areaccelerating the process.These conditions have helped a new bloc oftransnational capital, led by the giant tech companies, interwoven as they are with finance, pharmaceuticals andthe military-industrial complex,to amass ever greater power and to consolidate itscontrol over the commanding heights of the global economy.Asrestructuring proceeds, it heightens the concentration of capitalworldwide, worsens social inequality andalsoaggravates internationaltensions and the dangers of military conflagration. In 2018, just seventeen global financialconglomerates collectively managed $41.1 trillion dollars — more than half the GDP of the entire planet. That same year, toreiterate, the richest one percent of humanity led by 36 million millionaires and 2,400 billionaires controlled more than half of theworld’s wealth while the bottom 80 percent — nearly six billion people — had to make do with just five percent of this wealth.The result is devastation for the poor majority of humanity.Worldwide, 50 percent ofall people live on less than $2.50 a day and a full 80 percent live on less than $10 per day.One in threepeople onthe planetsuffer fromsome form ofmalnutrition, nearlya billion go to bedhungryeach nightand another two billion suffer from food insecurity.Refugeesfrom war, climate change, political repression and economiccollapse alreadynumber into the hundreds of millions. The New Cold Warwill further immiserate this mass of humanity.Capitalist crises are times of
intense social and class struggles. There has been a rapid political polarization in global society since2008 between an insurgent far-right and an insurgent left.

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Term
Winter
Professor
NoProfessor
Tags
Climate Change, Global Warming, Competition law, Joe Biden

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