"The rise of socialism in the East inspired socialist movements in the West (most famously in Germany, which came to the brink of a socialist revolution during the and of 1919–20). These revolutionary movements posed a real threat to capitalism in the core. Capitalism survived in part by crushing these movements—quite often violently, but also by making concessions to working-class demands, including wage improvements and some public services, although never conceding to the core demands for decommodification and economic democracy. Thus, the rise of the social democratic welfare state. Capital accumulation requires cheap labor, however, and these concessions would have brought capitalism in the core to its knees were it not for the fact that capitalists were able to obtain cheap labor instead in the periphery, through colonial and neocolonial forms of appropriation, which continue to this day."
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Jason Hickel and Dylan Sullivan, "Capitalism, Global Poverty, and the Case for Democratic Socialism." ' (July 1, 2023)
https://en.wikiquote.org/wiki/Economy_of_Europe
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Economy of Europe
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