I’m clearly no economist so maybe I’m missing something obvious, but I cannot wrap my head around why so many believe that the market is just some sort of fundamental, unchangeable property of the universe that is and always will be. Why do we assume that the dollar will always be valuable?
I could be incorrect, but it seems like there is no guarantee that there will be a rebound after a crash (see: 2008). It more so just seems like parts of capital crumble and become inaccessible to people who once had access, thus causing complete inaccessibility for all who come after.
So, boom and bust seems like the greatest misnomer of all time.
I might have a naive view here, but for me it's equally important to think not just about the quantitative aspects, but also the qualitative aspects. Yeah, stocks might go down, capital might get destroyed. But if there is no reason to believe that the capital relation of production goes away, then capital can rebuild on a newer, more centralized basis in a smaller number of hands.
If the means of production are still held in the hands of a minority of private producers and the majority of us are kept in wage relations to produce surplus value, then capitalism isn't going away. Not unless the destruction is so catastrophic that this capital relation can no longer hold.