“The Decadence of Capital” An Alibi For “Progress”?

FE Note: The essay below explores and criticizes the theory of the “decadence of capitalism,” a view held by several ultra-left sects here and in Europe. This view contends (a la Marx) that capital once had a dynamic phase in which it created the material base for a transition to socialism, but since the advent of World War I in 1914 has entered a decadent phase marked by cycles of war, reconstruction, depression and war again.