Crisis opening in 2007

A Workers' Plan for the Crisis

Published on: Tue, 05/05/2009 - 14:10

This Alliance for Workers’ Liberty pamphlet seeks to explain the ongoing capitalist crisis from an independent working-class — socialist — viewpoint. It puts forward an action plan for the working class to defend itself against the bosses’ attempts to make us pay for their crisis, and to go on the offensive to replace capitalism with working-class power and socialism. Click here to download pdf or buy online.
 

 

 

 

 

Regrouping the left

Published on: Wed, 06/11/2019 - 10:40
Author

Editorial

Eleven years on from 2008, inequality is spiralling, the signs are that we’re heading for another crash, and mainstream ruling-class politics is veering away from neo-liberalism only towards the nationalist right.

The working classes of the world need a political movement which fights for socialism as working-class self-emancipation, as a full-scale change of society to social ownership and democratic control of productive wealth.

It needs socialists who focus on agitating and educating positively for socialist ideas, not merely on nay-saying and reactive opposition to day-to-day bourgeois

High finance: take back control

Published on: Wed, 06/11/2019 - 09:03

The banks and high finance should be converted into a public banking, mortgage, and pension service, under public ownership and democratic and workers’ control.

Public ownership and democratic control will also provide the means to stop a reforming government being sabotaged by a “strike” or “flight” of capital, as France’s reforming government was in the early 1980s.

Britain’s big four banks made about £22 billion profits in 2018-9. That is more than the total of £19 billion per year required, according to the Institute for Fiscal Studies in October 2018, to end the cuts in welfare, schools,

Economics and learning from the facts

Published on: Wed, 14/08/2019 - 08:24
Author

Natalia Cassidy

Martin Thomas’s book Crisis and Sequels: Capitalism and the New Economic Turmoil since 2007 is constructed around 32 interviews, discussions, and debates with left wing economists and other thinkers.

It takes the reader; mostly chronologically, along the timeline from the immediate aftermath of the crash itself in 2007-8 across the next decade, up to 2016.

Thomas offers a substantial introduction, with overviews of the debates that take place across the book between the various contributors and himself.

Issues in debate centre around Marx’s “tendency of the rate of profit to fall”, US hegemony

A new humanist politics?

Published on: Wed, 05/06/2019 - 11:02
Author

Matt Kinsella

Paul Mason’s latest book, Clear Bright Future, is written as a defence of humanism and human-centred politics, against the resurgent threat of the far-right, from Trump to Bolsonaro, Le Pen to Salvini. The title is a reference to Leon Trotsky’s testament. Mason entreats us to fight “all evil, oppression, and violence”, and shares Trotsky’s optimism for the future.

Mason draws a convincing link from the financial crash in 2007-08 to Trump’s election. Mason emphasises how the monopolisation of information (think Google and Facebook) has led to systems outside our control, for example, of online

Crisis and Sequels out in paperback

Published on: Wed, 23/01/2019 - 10:58
Author

Janet Burstall

Martin Thomas outlines the guide he followed in compiling Crisis and Sequels, a book on the 2007-8 crash and its aftermath now out in paperback edition.

“Analysis must proceed not from a blurred outline of a ‘typical’ capitalist economy, but from the complex reality of a world economy with its own structure and within it national economies substantially different in pattern both from the global structure and from each other”.

Crisis and Sequels is built round 32 interviews with or contributions by 15 economists, organised into five chronological sections as the 2007­8 crash and its sequels

From 2008 to fighting capitalism

Published on: Wed, 18/01/2017 - 12:55
Author

Caroline Jeffries

When the housing bubble burst and a full-blown financial crisis developed in 2008 I was ten years old. I lived in an upper-class neighbourhood, so very few people around me were greatly affected by the crisis. 2008, however, would come to bother me for years after the recession ended.

At the time I didn’t know any socialists or truly understand what socialism meant. However, when the newly elected president, one who promised “hope” and “change”, bailed out the very same businesses that caused millions around the world to lose their jobs, something felt wrong. By the time I entered high

Bankers’ greed brings us down

Published on: Wed, 02/11/2016 - 11:53
Author

Editorial

“For questions about the survival of big European banks to be swirling almost ten years after the financial crisis started is utterly damning”, writes the big business magazine The Economist.

Questions are indeed swirling. On 26 October, the Bank of England asked British banks to say how much they are owed by Germany’s huge Deutsche Bank and Italy’s oldest bank, MPS, in case those banks prove unable to pay. Deutsche Bank’s share price has fallen by over 50% this year.

The stock markets value this giant of international banking at less than Snapchat, a social-media business with a few hundred

The world of neoliberalism, three years on

Published on: Wed, 12/10/2016 - 13:56
Author

Colin Foster

Three years ago, we surveyed “the world of neoliberalism” as it had emerged from the 2008 financial crash and the acute phase in 2010-12 of the eurozone government-debt crisis.

Many patterns have continued since 2013. Overall economic growth has been slow by historical standards, even slower by comparison with the rates expected in recovery from a big slump. Of the global growth, the bulk, 63% in 2015-6, has been in China and India, and the Chinese growth figures are dubious.

Output per worker-hour in the USA has stagnated, rising at only 0.4% a year between late 2010 and 2016. Real median

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