A Cacophony of Crises:Systemic Failure and Reasserting People's Rights

AbstractA cacophony of crises challenges neoliberalism and marks a fundamental reversal in capitalism itself. This is a systemic failure of the capitalist mode ofproduction to renovate and renew itself through a multiplicity of environmental and resource crises and the financial crises which has important links with thereal economy. Capitalism cannot survive by simply inventing new institutions – global or national – or by shifting to another phase. New nationalisms andprotectionisms loom on the horizon, while darker shades of xenophobia are another possible scenario. A further possibility lies in the emergence of informalized labor markets and economies as a result of the last phase of neoliberal globalization. Informalization or disposessed surplus laborhas some revolutionary potential. The paper discusses various alternativesbased on the new economy of the informalized sector