National Sections of the L5I:

Economy

Our analysis as the credit crunch developed

Chapter 1 of the book is made up of the following articles which were published as events developed. Read more...

Globalisation and the Myth of the New Long Wave

This article examines the controversial theory of 'long waves' of capitalist development and goes on to analyse the nature of the globalisation period of capitalism between 1990 and 2007. Read more...

Food: the first global crisis of the 21st century

Kam Kumar and Simon Hardy report on the growing food disaster, as some of the world’s poorest people are priced into starvation as a result of the latest stage of the capitalist crisis Read more...

Bank crisis deepens

The Credit Crunch of 2007 is now The Bank Crisis of 2008. Read more...

Getting the measure of China

As the US economy moves into recession, Peter Main looks at the possible repercussions on China, a country that has become an icon of globalisation's dynamism in recent years. Rather than coming to the rescue of world capitalism, he argues that the coming year will see China face slackening export markets at a time when its domestic cycle is moving towards its peak. Read more...

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...