Glut is the four-letter word that has plagued capitalism from the moment of its birth. It is an endemic disease that turns epidemic when ignored. It started several centuries ago in Europe. Today it is global, threatening the economic and political stability of the world.
“Glut” is a malady peculiar to a “market economy.” It did not exist in feudal systems. In those societies, production was carried on for a
defined body of consumers—the lord, his retinue, the people working the manor—with some surplus for exchange. Economic crisis arose out of scarcity—a natural disaster, poor harvest, war, locusts. It was not until capitalism appeared on the scene, with its production for an abstraction called “the market,” that plenty became a recurrent plague.
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