A CRISIS OF CAPITALISM 

The text is an article taken from the newspaper “the Guardian and it is qritten by Riccardo Bellofiore. The title of the article is “A crisis of capitalism” and so you understand that the text will be about economy, in particoular about capitalism and crisis, probably in Europe because the paper is from England.

The writer starts the article using a citation by Marx: “History repeats itself frist as tragedy, then as farce” that doesn’t specify anything so the article could be about everything and this tecnique creates curiosty in the reader’s mind. 

Then he goes on with an example to explain the real topic of the article: he speaks about Italy giving some judgments and for this reason the reader can’t express a personal opinion on the situation. In the text, the writer uses some specific words of economy and business semantic field so the article is addressed to people who know what it’s happening in Europe and some economic concepts.

As previously said, Bellofiore starts talking about Italy but after taht he enlarges his consideretion on the whole Europe, in particular on Germany, Greece and the other countries in crisis.

In my opinion Bellofiore tries to explain the reason why European cuntries are in crisis, and he considers this crisis not just a financial crisis but also a capitalist crisis and it is due to the absence of internationalism that is the collaboration among the countries.

ECONOMIC WORDS:

• eurozone: The eurozone is an economic and monetary union of 17EU member states that have adopted the euro  as their common currency.
• ECB: European central bank
• Inflation: In economy, inflation is a rise in the general level of prices of goods and services in an economy over a period of time.
• Public debt: Government debt (also known as public debt, national debt) is the debt owed by a central government.
• Neo-mercantilism: Neomercantilism is a policy regime that encourages exports, discourages imports, controls capital movement, and centralizes currency decisions in the hands of a central government. The objective of neo-mercantilist policies is to increase the level of foreign reserves held by the government, allowing more effective monetary policy and fiscal policy.
• Keynesiasism: Keynesian economists believe that aggregate demand (total spending capacity in the economy) does not necessarily equal aggregate supply  (the total productive capacity of the economy). Instead it is influenced by a host of factors and sometimes behaves erratically, affecting production, employment and inflation.
• Capital asset (bene): it refers to any asset used to make money, as opposed to assets used for personal enjoyment or consumption.
• Consumer debt: is outstanding debt  of consumers, as opposed to businesses or governments.
• Deficit:  is a shortfall in revenue (entrate)
• Spread: The difference between two prices.
• Capitalism: is an economic system that is based on private ownership of the means of production and the creation of goods or services for profit.
• GDP: Gross domestic product (GDP) is the market value of all officially recognized final goods and services produced within a country in a given period. GDP per capita is often considered an indicator of a country's standard of living
• Under-employment: refers to an employment situation that is insufficient in some important way for the worker, relative to a standard
• Internationalism:  is a political movement which advocates a greater economic and political cooperation among nations for the theoretical benefit of all