There is a tendency on the part of intelligent pundits to give up on talking about "capitalism" because of its sheer dominance and pervasiveness. That has has been my own tendency in recent years, as I have drifted toward looking at smaller and more manageable problems. Nevertheless, it is worth stepping back and looking at the big picture. One aspect of that picture is that, while it was plausible to attribute the stagflation of the 1970s in part to the strength of trade unions, that critique has been implausible since the 1980s, when blue collar trade unionism began to decline in relative size and strength and labour -intensive manufactures began shifting to the third world.
David Harvey, the author of The Condition of Postmodernity and over 20 other books, has provided a nice 11 minute overview the current crisis in a witty and accessible video:
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