Consumerism is not the problem
Americans are given two messages: go shopping and spend responsibly. Measures of economic well-being include indexes of consumer confidence, consumer spending, housing starts, etc. At the same time, we read reports of out of control spending, outrageous credit card balances, the lowest levels of household saving in a hundred years. The American consumer is out of control and the American consumer is the lynchpin of the global economy.
The political form that these messages typically, but not necessarily, take in the US is that the right places all responsibility for the situation with individuals while the left blames capital. The conflict over the state is a conflict over the ways to direct policy, to regulate the behavior of individuals or to regulate corporations. This summer, beginning, though, in presidential primaries, there has been increasing commentary on the ways that the left and right are blurred, and blurred to favor finance capital: finance is bailed out and taxpayers (not to mention future generations) are posting the bail. Naomi Klein's "shock doctrine" seems appropriate: the US as a whole is encountering the shock effects of neoliberalism's transfer of wealth from public funds and the work and savings of people to the pockets of the .001 percent, who continue to get richer and richer. It's what has been going in the former socialist countries, Latin America, and much of Africa. Now it's happening to us.
I don't know of much theory on the left that is helpful here. Think, for a start, of the messages of consumerism: go shopping and spend responsibly. Are these messages simple reflections of the contradictions of capital? Ideology's distorted image of a fundamental incompatibility? And, is a better approach one that emphasizes abundance, infinite productivity, the productive desire of the multitude (even considered in terms of the symbolic labor of hackers as a class ala Wark)? For me, these approaches are ever less convincing.
Americans produce debt. The capitalization of debt has been at the core of the economy for over 20 years. It is parasitic on consumerism, but requires much more than that. An article in the NYT today describes the ways that credit today is no longer based on the assumption that loans will be repaid. Rather, loans pay. From the fees for administering them, the penalties attached to them, the costs in refinancing them, to their repackaging in complex debt structures, debt is the primary US asset. It's what "foreigners" buy, what we export and they invest in. It's not an economy of abundance but an economy based on a hole or absence. It circulates around this absence and is premised on buying it, selling it, betting on it--or against it (selling short).
Some have seen this consuming for a long time: corporate "mergers" and the buying of companies only to strip them of their assets, fire their workers, take on their debt, and sell that as well. Commentators have been telling us for a long time that manufacturing has declined. There have been major layoffs in white collar idea-based industries (advertising, dot coms) as well. The economy runs on debt. That's what we make now.
So the idea of the consumer as producer so prominent in net critique isn't wrong. It just hasn't named what consumers produce. Consumers produce debt.
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