National Sections of the L5I:

The Credit Crunch

Karl Marx and the Credit Crunch

A series of big banking losses have had directors claiming it is all due to rogue traders. Not so, says Keith Spencer, who finds that Marx described the role of credit in speculation and economic crisis 150 years ago. Read more...

Economy: are we set for the ‘perfect storm’?

The sharpest fall in world stock markets since 9/11 met with a panic response from fiscal policymakers and uniformly pessimistic estimates of the state of the US economy from bankers, brokers and the bourgeoisie's financial analysts. Suddenly, the gentlemen who insisted that the "fundamentals of the US economy were sound" are talking of recession as a near inevitability. A few are even using the D word, 'depression'. Read more...

Global credit crunch – towards a crisis of globalisation?

The year 2007 has not so far been kind to the ideologues of capitalism – nor to anyone expecting the current boom economy in the US and Britain to continue unabated in the years ahead. A series of sudden events, culminating in a global credit crunch in August and even a good old-fashioned bank run in the UK in September, revealed that the capitalist system remains riven with contradictions that are prone to burst out in periodic crises. Read more...