The 2008 recession was and is one of the largest economic events of recent history, and has caused economic upheaval the world over, massive increases in levels of poverty and thousands of companies declaring bankruptcy, forcing their workers out of a job and spreading misery and despair. For young people, this event was particularly catastrophic: … Continue reading Starvation Through Abundance: The Bizarre Paradox of Crises of Capitalist Overproduction
https://www.youtube.com/watch?v=_jUHJksW-9E Keith Bennett gives an interesting presentation on the impact of the world capitalist economic crisis of overproduction upon the economic and social life of socialist countries, at a CPGB-ML seminar held as economic meltdown hit in 2009. The classic case of a socialist country immune to crisis is provided, he says, by the Soviet … Continue reading How does Capitalist Crisis affect Socialist Countries?
Capitalism is in crisis. On this point all are agreed. But what is the crisis? How can it be solved? Is capitalism the 'end of history', as Francis Fukuyama famously said after the counter-revolutions in the USSR and Eastern Europe in 1989-91? Will capitalism simply 'sort itself out'? Is it the best of a bad … Continue reading Understand Capitalism – understand your life!
The following article is translated from Marxist Leninist Henri Houben’s book La Crise de Trente Ans, Chapter 10, with thanks. It is tempting to try to separate ‘real’ [economic] activity, ie, production, on the one hand, from the financial sphere on the other. This seems to correspond with the modern economy. But is this distinction … Continue reading The genesis and development of modern finance capital – Henri Houben's