In my last article for International Socialism 18 months ago I argued that the Great Recession of 2008-9 that devastated the world capitalist economy had not been followed by a recovery in investment and output in the “normal” way, as… Continue Reading
A review of Costas Lapavitsas, Profiting Without Producing: How Finance Exploits Us All (Verso, 2013), £20 In the substantial body of Marxist literature emerging in the wake of the economic crisis that began in 2007-8, two broad positions have been… Continue Reading
It is now six years since the first rumblings of the earthquake that was the global financial crash and the Great Recession. On 9 August 2007 BNP Paribas announced that it was closing down two of its funds of US… Continue Reading
The global capitalist crisis has now reached its half-decade point, and the months leading up to this unhappy anniversary saw the publication of a number of interesting papers on Marxist political economy. Here I will briefly survey some of them,… Continue Reading
Throughout the crisis sensationalist claims have emerged on both the right and the left that the crisis would lead to a catastrophic and immediate rise in joblessness or, conversely, that it is really not that bad. This article examines exactly… Continue Reading
A review of Gillian Tett, Fool’s Gold: How Unrestrained Greed Corrupted A Dream, Shattered Global Markets and Unleashed a Catastrophe (Abacus, 2009), £8.99; Paul Krugman, The Return of Depression Economics (Penguin, 2008), £9.99; and Joseph Stiglitz, Freefall: Free Markets and… Continue Reading
A review of David McNally, Global Slump: The Economics and Politics of Crisis and Resistance (Spectre, 2011), £12.95; and Leo Panich, Greg Albo and Vivek Chibber (eds), Socialist Register 2011: The Crisis This Time (Merlin, 2011), £25 David McNally’s Global… Continue Reading
The 2007 financial crisis has reignited the discussion on crises, their origin and possible remedies.1 At present the most influential thesis on the left sees the crisis as caused by underconsumption and recommends Keynesian policies as a solution. This paper… Continue Reading
Just as medical science progresses through pathology, Marxist political economy develops through the analysis of the actual crises of capitalism. It is therefore no surprise that the current paroxysm has sparked both a revival of interest in Marxism1 and a… Continue Reading
“We are on the edge of the abyss. One slip and we will be into depression like that of the early 1930s.” That message has been repeated a thousand times in one way or another since the banking system imploded… Continue Reading