National Sections of the L5I:

Economy

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...

Stock Exchange Crashes panic the Federal Reserve

The dizzying falls in world stock markets this week and the US Federal Reserve’s emergency three quarter point interest rate cut on 22 January show that the global credit crunch that opened last summer is far from dissipating – but rather, it is building towards a deeper economic crisis. The three quarter point interest rate cut is the largest for 25 years. Richard Brenner reports Read more...

Economy - a warning for the working class

Here we go again!

It seems like only yesterday that the newspapers and TV were full of stories about how well the economy was doing. Read more...

Brown denies democratic process on EU constitution

Gordon Brown has ignored the democratic process for the second time since becoming prime minister (the first being his unopposed coronation). By denying the British people a referendum on the European Union Reform Treaty, despite 75 per cent wanting one, he is forcing through the 2000 “Lisbon agenda” to “Americanise” Europe with devastating effects on the working class, the youth, and the poor. This treaty is considered to be 90 per cent the same as the European Constitution voted down by the Dutch and French masses in 2005. 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...

China: From Mao to the market

Peter Main surveys the changes going on in China which are propelling it forward both economically and politically - but where is it going? Read more...

Credit crunch and capitalist crisis

Serious instability in the world financial system - which we drew attention to in our last issue (see Workers Power) - has deepened over the summer. Read more...