Thursday 15th November 2012
Alex Callinicos analyses why Barack Obama won a second term as US president—and what his victory will mean for the future of US capitalism.
Barack Obama’s re-election is undoubtedly the best outcome for American capitalism. This may seem surprising. After all, the higher a voter’s income the more likely he or she was to support the hapless Republican candidate Mitt Romney. The stock market fell after Obama won.
Moreover, as the Financial Times reported before the election, “Although there are some notable exceptions in Hollywood, high tech and clean energy industries—big business and wealthy executives across the country are cheering for the US president’s defeat. Goldman Sachs, [along with] executives at AT&T and General Electric, are now putting most of their campaign contributions behind Mitt Romney. From industrial magnates like the conservative Koch brothers to Wall Street and big oil executives, most of whom never supported Mr Obama in ...