What caused the credit crunch? Some said lenders got “too greedy”. Others blamed the regulators. Yet more denied it was even happening. The Credit Crunch – A Marxist Analysis offers a radically different explanation. Charting how the events unfolded, and drawing on Karl Marx’s theory of crisis, Richard Brenner and Michael Pröbsting argue that the […]

In the first two years of the Global Financial Crisis, everyone seemed to know where the blame lay – with the huge banks that pushed the international system of borrowing and lending into chaos. Yet slowly but surely the politicians regrouped and shifted the debate away from criticism of the bankers, blaming the crisis on […]

David Cameron announced it was full steam ahead with the government spending cuts after it was announced that the economy had worsened. Why? Because the government aims to slash wages and services irrespective of the economics damage, writes Keith Spencer The UK economy contracted by 0.5 per cent in the last quarter of 2010, it […]

The European debt crisis is expanding, pitching country against country, with the major economies attempting to push recession onto the working class of economically weaker nations. With the system itself in crisis, governments aim to shift their debt burden by attacking jobs, pay and services at home, and dumping the worst of the crisis onto […]

Keith Spencer makes a case-study analysis of a ‘Great Power’ that was at the centre of the global financial whirlwind: Britain The British Conservative Party is openly saying that the cuts programme its government will carry out will touch everyone’s way of life for a generation, while blaming the poor condition of the public finances […]

Two years ago this month, the credit crisis erupted and the world banking system was moments from collapse. Governments carried out huge bank bailouts, pumped money into the economy and invested in order to stimulate the economy. There was even talk of reforming capitalism and ending the power of the speculators. The world economy was […]

The UK economy has officially come out of recession. Unemployment has fallen for the first time in two years. Consumers spent more than expected in the Christmas sales, the housing market appears buoyant and manufacturing companies are reporting levels of optimism not seen for more than two years. But the recovery will be a long, […]

Bill Jenkins reviews Robert Brenner, Merchants and Revolution: Commercial Change, Political Conflict and London's Overseas Traders 1550-1653