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/more
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: 

Bankers’ greed brings us down

Author: 

Editorial

“For questions about the survival of big European banks to be swirling almost ten years after the financial crisis started is utterly damning”, writes the big business magazine The Economist.

Questions are indeed swirling. On 26 October, the Bank of England asked British banks to say how much they are owed by Germany’s huge Deutsche Bank and Italy’s oldest bank, MPS, in case those banks prove unable to pay. Deutsche Bank’s share price has fallen by over 50% this year.

In today’s global-markets capitalism, the financial piping is central. Banks are not quiet enterprises, doing backroom work in a steady and cautious fashion, but the leaders in general capitalist speculation, corner-cutting, and reckless greed. If banks go down, as they did in 2008, they bring everything else down.

Publications: 

Around the world: 

Marxist Theory and History: 

Issues and Campaigns: 

The world of neoliberalism, three years on

Author: 

Colin Foster

Three years ago, we surveyed “the world of neoliberalism” as it had emerged from the 2008 financial crash and the acute phase in 2010-12 of the eurozone government-debt crisis.

Many patterns have continued since 2013. Overall economic growth has been slow by historical standards, even slower by comparison with the rates expected in recovery from a big slump. Of the global growth, the bulk, 63% in 2015-6, has been in China and India, and the Chinese growth figures are dubious.

The financial crash of 2008 was a distinct crisis, and, like all other capitalist crises in fact, had its own special features.

Publications: 

Marxist Theory and History: 

Make banks public utilities!

Author: 

Colin Foster

Banks should be public utilities, or at least so closely regulated that they must behave like public utilities. They shouldn’t be free to do whatever brings most profit to their bosses and shareholders.

Neel Kashkari, a US financier and, on his own description “a free market Republican”, has called for the banks to be made public utilities.

Publications: 

Around the world: 

Marxist Theory and History: 

Issues and Campaigns: 

The world economy since 2008

Author: 

Martin Thomas

Since the immediate recovery from the great 2008-9 economic crisis, world economic growth has been slow and troubled. Major areas have slipped back into recession. Now a “third leg” of the crisis, or even a new crash, are possibilities for 2016. Martin Thomas surveys the path, the causes and the sequels of the crisis.

Since the immediate recovery from the great 2008-9 economic crisis, world economic growth has been slow and troubled. Major areas have slipped back into recession. Now a “third leg” of the crisis, or even a new crash, are possibilities for 2016.

Publications: 

Marxist Theory and History: 

The hegemony of neoliberalism

Author: 

Martin Thomas

Philip Mirowski addresses the left, very broadly defined — “people who have taken it as a fundamental premise that current market structures can and should be subordinate to political projects for human improvement” — but with “a simple message: Know Your Enemy before you start daydreaming of a better world”.

He dismisses most already-circulating “better world” schemes as helpless against the dominance of neoliberalism.

A review of Never let a serious crisis go to waste: how neoliberalism survived the financial meltdown by Philip Mirowski (Verso, 2013).

Culture and Reviews: 

Marxist Theory and History: 

Publications: 

A workers’ government will seize the banks

Author: 

Martin Thomas

It wasn’t the stars, or geology. It wasn’t ocean currents, or the weather. The world economy was brought crashing down in 2008 by the particular way we have allowed it to be organised.

It was brought down by being organised around the priority of maximum competitive greed and gain of a small exploiting minority.

From the early 1980s to 2008, world capitalism became more and more governed by the drive for quick, fluid gains, measured and coordinated through an increasingly complex and fast-flowing system of world financial markets.

From the early 1980s to 2008, world capitalism became more and more governed by the drive for quick, fluid gains, measured and coordinated through an increasingly complex and fast-flowing system of world financial markets.

Issues and Campaigns: 

Marxist Theory and History: 

Publications: 

The hegemony of neoliberalism

Review of Philip Mirowski: Never let a serious crisis go to waste: how neoliberalism survived the financial meltdown. Verso, 2013


Philip Mirowski addresses the left, very broadly defined - "people who have taken it as a fundamental premise that current market structures can and should be subordinate to political projects for human improvement" - but with "a simple message: Know Your Enemy before you start daydreaming of a better world".

He dismisses most already-circulating "better world" schemes as helpless against the dominance of neoliberalism.

Marxist Theory and History: 

Finance and the "other exploitation"

Review of Costas Lapavitsas: Profiting without producing, Verso 2013


Capitalist exploitation is not just by the boss extracting from the worker, in return for a meagre more-or-less “living wage”, an expansible value-added which may be something like three times what’s paid out in wages.

It also comes from making working-class households pay interest on debts which they run up, often on disadvantageous terms, because of their relative poverty and relative lack of power in the markets.

Marxist Theory and History: 

Pages