What Now for the World Economy? Author: AWL EC 14/02/08Document Of AWL Conference 2008 1. The UK has not had an actual recession since 1990-2. Manufacturing went into recession in 2001, but not the whole economy. People under the age of about 30 generally have no living memory of a recession. We do not know whether the recession now underway will spread into a full-scale world recession, or how big the effects in Britain of a world recession may be. But there is a serious probability of a serious downturn. "From a world in which many basic industries and services were run directly by the state - though actually according to the overall interests of the national capitalist class - we have moved to one each Government's role is redefined as making its national economic arena advantageous for the operation of giant multinationals, and especially of international financiers". The AWL, Labour and the Left: AWL conference 2008Marxist Theory and History: EconomicsCrisis opening in 2007 Tweet Read more about What Now for the World Economy?