Most explanations of the US-led global economic crisis in 2008 argue that it began with a financial meltdown triggered by the subprime mortgage crisis and bursting of the housing bubble from 2006 onwards. This paper, using Marx’s Capital and other Marxist writings, argues the opposite: that financial turmoil was just one symptom of the profound crisis into which the US economy had been sinking for years, transmitted to the rest of the world primarily through the use of the US dollar as world currency, and secondarily through the globalization of the world economy.
Thursday, October 30, 2008
Subscribe to:
Posts (Atom)
The Only Path to Peace in Palestine: One Democratic State
Introduction On 15 January 2025, Qatar’s prime minister announced that Israel and Hamas had agreed to a three-phase Gaza ceasefire deal ...
-
How do the working people of the world transform themselves from a plethora of groups waging a multitude of scattered struggles for survival...
-
The central argument of this book is that ‘Only a theory of strikes that goes beyond a focus on trade unions and the workplace will be able ...
-
Kavita Krishnan, a Marxist feminist who had been for three decades a member of the Communist Party of India (Marxist-Leninist) Liberatio...