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.





Economics and learning from the facts

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

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

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

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

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


“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

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

Make banks public utilities!

Published on: Wed, 24/02/2016 - 09:19

Colin Foster

Banks should be public utilities, or at least so closely regulated that they must behave like public utilities. They shouldn’t be free to do whatever brings most profit to their bosses and shareholders.

If you’re a regular reader, you will know that’s Solidarity’s view. You may not be surprised to hear that in 2012 the TUC voted for public ownership and democratic control of the banks. You may be disappointed that the new Labour Party leadership of Jeremy Corbyn and John McDonnell has not yet taken that TUC demand into their economic policy, or that Bernie Sanders in the USA calls only for

The world economy since 2008

Published on: Thu, 04/02/2016 - 14:00

Martin Thomas

Since the immediate recovery from the great 2008-9 economic crisis, world economic growth has been slow and troubled. Major areas have slipped back into recession. Now a “third leg” of the crisis, or even a new crash, are possibilities for 2016. Martin Thomas surveys the path, the causes and the sequels of the crisis.

The story started in finance. In June 2005 mortgage interest rates in the USA started rising sharply. They levelled off and declined after July 2006, but in the meantime house prices had reversed their giddy rise of previous years. House prices would continue to fall until

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