Monthly Archives: March 2012

Part 1 Chapter 8

Chapter 1.8: The Euro crisis The Great Recession put world currencies in a spin. The stresses and strains of crisis not only cause the bosses to attack ‘their own’ working class all the more strongly; they also bring into the … Continue reading

Posted in Book contents | Leave a comment

Part 1 Chapter 7

Chapter 1.7: Fiscal crisis of the state All over the world the crisis of capitalism has produced a fiscal crisis of the state. Apart from the direct cost of bailing out the banks, the economic downturn means the government has … Continue reading

Posted in Book contents | Leave a comment

Part 1 Chapter 6

Chapter 1.6: Into the abyss? For one year, from early 2008 to the first quarter of 2009, all the signs pointed to a crisis as severe as that of 1929-33. World trade was falling just as fast as it had … Continue reading

Posted in Book contents | Leave a comment

Part 1 Chapter 5

Chapter 1.5: Bailing out capitalism The capitalist monetary and credit system was in danger of disappearing into thin air. The authorities in Britain, the USA and elsewhere had no alternative but to step in to save capitalism from itself. It … Continue reading

Posted in Book contents | Leave a comment

Part 1 Chapter 4

Chapter 1.4: A new stage in the capitalist crisis The authorities who were supposed to run the capitalist system were clearly shocked by the onset of recession and the scale of the catastrophe. These things were not supposed to happen! … Continue reading

Posted in Book contents | Leave a comment

Part 1 Chapter 3

Chapter 1.3: The crisis begins There were early signs of problems to come. The US housing market seems to have peaked in 2005-6, at almost exactly the same time as the rate of profit turned decisively down. As we see … Continue reading

Posted in Book contents | Leave a comment

Part 1 Chapter 2

Chapter 1.2: Before the crisis The unstable, lopsided boom The 2001 recession was precipitated by a fall in profits, as we show later. As usual the downturn was followed by a recovery. The subsequent boom was however quite anaemic, particularly … Continue reading

Posted in Book contents | Leave a comment