You (and Marx, cycle of commodification) may be right one day decades or centuries from now but people have been saying that for over 80 years and it has yet to happen. Because the US is probably closer to its production possibility frontier than any other country (and still we are far away from it when you look at the utilization or our resources and the optimum) and we are also the one of the most accessible economies in the world we are the most vulnerable to the effects of the cycle of commodification.
However, what the cycle of commodification does not take account of is that the global PPF is not only not static but world GDP is always a lot further from it than naysayers imagine. In other words, the world periodically finds ways to increase productivity and efficiency by a significant factor because of new technology, and also has so many resources that are producing so far below their potential that the cycle of comm. is very far from gaining real traction. Even in the last decade where globalization has made huge strides would you not agree that the average American is better off today in terms of their material possessions and lifestyle than in the early 90's? Yes, we may be debt ridden but if we can grow it doesn't matter that much. The question is can we grow at a fast enough rate relative to the rest of the world to maintain and increase our standard of living and what is the driver of that growth going to be.
