In the last year or so, world capitalism has had its nearest approach to a general economic revival since the crash of 2008.
A clutch of figures at the end of April show that the revival is very weak. Britain’s first-quarter GDP growth was reported at just 0.1 per cent. Britain’s GDP growth figure is only 1.2% during the past year, the lowest figure since 2013.
The “purchasing manager’s index” for Britain’s industry was at a 17 month low in April.
Across the eurozone, assessments of order books and inventories and expectations have also declined for both industry and services.
Even in the USA, the figures are down.
Stock markets are still acting as if there were a boom. Mergers and takeovers are running at all-time record levels: $1.7 trillion in the first months of 2018, $120 billion on the single day Monday 30 April.
World debt levels are above what they were before the 2008 crash (bit.ly/iif-debt). That spiralling of financial activity out of sync with real output creates conditions for crisis down the track.