A CRISIS OF CAPITALISM

A Crisis of Capitalism is an article published on Theguardian by Riccardo Bellofiore on Wednesday the 21st september 2011. The text is structured with a heading, which introduces the argument; a subheading, which explains in a few words the problem described in the title and the body of the text which is devided into 11 paragraphs.

The first paragraph underlines the opinion of the writer who thinks that Italy is more dstracted by PM’s private life than by the economical and political situation of the country.

In the second paragraph the writer tries to explain the true nature of the Italian crisis. Bellofiore tries to find the answer in a wider European context: he says that there are many limits of the Eurozone that prevent Italy from going out of the crisis: the single currency isn’t backed from the political sovereignty, the central bank doesn’t act as lender of last resort and Germany makes a profit on southern Europe’s deficit.

In the third paragraph the writer says that the German neo-mercantilism induced stagnation in Europe and the explosion of the privatized Keynesianism brought to the implosion of the growth of Europe.

In the following 3 paragraphs, the writer shows that the fear produced a ballooning of the interest rate spread.

Italy’s economy has a long-standing failings that are dated from the mid of 60s; the crisis reveals the hidden truth and the drama of Italian unemployment. In the end Bellofiore says that the crisis isn’t just a financial crisis but even a capitalist one; what is really missing in Europe is not the money to finance debts but it is internationalism

CAPITALISM

The text is composed of many quotations done by various persons  who explain what capitalism is according to their opinion. Winston Churchill uses a metaphor in order to explain his opinion on the importance of capitalism: he says that capitalism is a healthy horse that pulls a sturdy wagon.

Samuel Smiles gives a definition of capitalist: he says that capitalist is a man who doesn’t spend all that is earned by work.