Crisis opening in 2007

A Workers' Plan for the Crisis

Workers' plan
Download pdf, or buy pamphlet online, here.

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.



Publications: 

Marxist Theory and History: 

Marxist economists analyse the crisis

Financial crisis

Author: 

Costas Lapavitsas/Leo Panitch/Fred Moseley/Michel Husson/Andrew Kliman/David Laibman/Simon Mohun/Trevor Evans/Robert Brenner

Antecedents and sequels of the crisis: discussion notes by Martin Thomas on the first two "rounds", November 2010.
December 2008 onwards: second comments, and some new contributors
1. Michel Husson: The Crisis of Neo-Liberal Capitalism
Andrew Kliman and David Laibman are new contributors, and Michel Husson, Fred Moseley, Leo Panitch, and Costas Lapavitsas present second thoughts, in a symposium also including Simon Mohun, Trevor Evans, Robert Brenner, and Dick Bryan.

Marxist Theory and History: 

Osborne plans Lloyds and RBS sale

The merry-go-round of high finance stalled in 2007-8, throwing off and injuring millions of people.

Chancellor George Osborne is anxious to start it up again, and to stage some privatisations in the run-up to the 2015 general election as distraction from the economic gloom.

In 2008 governments across the world, including the most conservative and neo-liberal of them, stepped in to nationalise and bail out banks and financial institutions, and thus to steady the merry-go-round.

Chancellor George Osborne is anxious to stage some privatisations in the run-up to the 2015 general election as distraction from the economic gloom.

Issues and Campaigns: 

Marxist Theory and History: 

Publications: 

RBS: don't privatise! Expropriate!

Mervyn King says it's a nonsense that the government owns RBS but doesn't control it. The answer: the whole banking system should be put under democratic and social control.

"The whole idea of a bank that is 82% owned by the taxpayer but run at arm's length from government is a nonsense...", says Mervyn King, governor of the Bank of England.

King's answer is that the 82%-owned Royal Bank of Scotland should be broken up. The profit-making bits of it would be privatised, and the loss-making bits retained by the government and run down.

The Government is reluctant because doing that would mean open and definitively registering the losses the Government has made on the RBS shares it bought in the crisis of 2008.

Marxist Theory and History: 

Expropriate the banks!

Fiddling around with ring-fences isn't enough. To organise investment for social benefit; to redress inequality; to give any reforming government the means it needs to fend off the pressure of global financial markets - there is no alternative but to expropriate the banks and high finance.

They should be converted into a public banking, mortgage, and pension service, under public ownership and democratic and workers' control.

Fiddling around with ring-fences isn't enough.

Issues and Campaigns: 

Marxist Theory and History: 

Publications: 

"The crisis and perspectives": document adopted by AWL conference 2012

Document adopted by AWL conference 2012 (plus amendment which was remitted to the incoming AWL National Committee).

INTRODUCTION

The purpose of this document is to set out an assessment of the economic and political situation within which we operate, and of how that should shape the broad lines of AWL policy over the next year.

It is not to make detailed balance-sheets on, or detailed recommendations for, particular areas of work. Those are covered in other documents for conference.

SUMMARY

The AWL, Labour and the Left: 

Marxist Theory and History: 

Take over the banks!

Five years ago, the demand for the public ownership of the banks was the preserve of a small minority of socialists. Today it follows logically from the exposed venality of the banking system.

There have now been three waves of banking failure in the recent past. Socialists should use these events to argue relentlessly for state ownership and democratic control of the banking system.

There have now been three waves of banking failure in the recent past. Socialists should use these events to argue relentlessly for state ownership and democratic control of the banking system.

Marxist Theory and History: 

The AWL, Labour and the Left: 

Publications: 

Where has the money gone?

The stock of "broad money" (which is mostly not notes and coins, but the total of money that individuals and firms have in readily-accessible bank accounts) has been shrinking since late 2010, reports Martin Wolf in the Financial Times (16 June).

This seems paradoxical. The Bank of England has been lending to commercial banks at exceptionally low rates, and spending £325 billion in "quantitative easing" (which means, essentially, replacing banks' holdings of less "cash-like" financial assets by actual cash). That should increase the stock of "broad money" in circulation.

There seems to be less money around? There really is less. The reasons are complex.

Marxist Theory and History: 

Pages