Chris Harman's "Zombie Capitalism" (Book Note)

 

Chris Harman employs the term "Zombie Capitalism" to depict the dominance of the inert over the living within the global capitalist system. He illustrates this concept through the existence of "zombie banks" kept afloat by state support despite their lack of vitality. Harman asserts that this phenomenon extends beyond banking to encompass the entire economic framework, portraying 21st-century capitalism as a system devoid of vitality in achieving human objectives and responding to human sentiments. However, it sporadically exhibits bursts of activity that induce chaos.

 

Harman's demise in November 2009 imbues his book with a sense of valediction, serving as both a testament to a specific strand of Marxist political analysis and a tribute to his intellectual prowess. Noted for his rigorous research and cogent arguments, Harman's work is accessible to both newcomers to Marxist economics and academics alike. He eschews complex equations in favor of a clear and concise writing style, bolstered by concrete examples to aid comprehension.

 

In "Beyond Marx," Harman introduces the concept of state capitalism from the International Socialist tradition. He posits that in former Soviet economies, nationalized industries served to match foreign rivals' accumulation efforts, primarily for economic and military competitiveness. While this perspective has drawn critique, it provides valuable insight for those engaged in the ongoing debate.

 

Harman proceeds to analyze the effects of imperialism and the state, culminating in a contemporary examination of Marx's theory of the tendency of the rate of profit to fall (TRPF). He links this theory to the post-war trajectory of Western capitalism, attributing the "long boom" and its subsequent decline to factors such as the permanent arms economy and imperialist competition during the Cold War era.

 

Controversially, Harman delves into the TRPF's impact at the end of capitalism's "golden age," acknowledging the challenges of measuring it due to orthodox accounting limitations. Despite criticisms, he supports his arguments with evidence drawn from official data and the works of prominent Marxists, demonstrating the TRPF's emergence as a significant challenge for capital from the late 1960s onward.

 

Harman contends that globalization emerged as both a response to and a product of TRPF, enabling capital to transcend borders in a misguided pursuit of perpetual expansion. In this analysis, neoliberalism becomes an intrinsic aspect of contemporary capitalism rather than a mere variant. Social democracy, Harman suggests, can only adapt to neoliberalism, evolving into a form of social liberalism.

 

n the concluding section, Chris Harman diverges from mainstream leftist perspectives by diminishing the role of financial institutions in the crisis. While he acknowledges the ascendance of finance, he argues that its growth is intertwined with the core dynamics of the system rather than being an independent force. According to Harman, the expansion of finance is a consequence of the internationalization of capital and the protracted deceleration in accumulation.

 

Moreover, Harman provides insights into the "limits of capital," particularly concerning environmental degradation and climate change. He concludes the book with a call for rebellion, albeit briefly reviewing debates on formal and informal labor, restructuring, organized labor, and criticisms of various political movements including the "multitude," autonomist ideologies, and Third Way politics.

 

Harman's decision to forgo completing his PhD in the late 1960s in favor of full-time political activism informs his approach to writing the book. He is mindful of his dual audience: on one hand, aiming to elucidate a technically challenging subject for activists, while also engaging deeply with crucial debates on the left that necessitate intellectual acumen. Harman's adept handling of these dual objectives ensures that his book will likely become a standard reference for those seeking to comprehend Marx's economics and grapple with the contemporary crisis of capitalism.