The global crisis of capitalism, fully revealed in 2008, has been brewing for some time and is a structural crisis of 'informational capitalism' because it affects the heart of the system - the global and all interdependent financial markets. It will not bring down capitalism, according to renowned scholar Manuel Castells, "but is going to change it fundamentally".
The responsibility of scholars "is to help define the roots of the crisis and explore possible paths towards a more sustainable world."
Castells lectured on the crisis of capitalism at Stellenbosch University during a trip to South Africa as a guest of the Cape Higher Education Consortium, the Stellenbosch Institute for Advanced Study and the Centre for Higher Education Transformation.
He said capitalism had been transformed over the last three decades and it was important to try to understand the dramatic moments of this transformation in terms of the current, new form of financial and economic crisis.
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Source: University World News, Issue No: 0096 11 October 2009
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