The credit crunch of 2008 produced an international recession in 2009. In this volume Claudio Katz and Michel Husson, both fellows of the International Institute for Research and Education, and Raphie de Santos lead an attempt not to only to describe the present crisis, but also to understand its causes and debate socialist solutions. Sean Thompson shows how neoliberal globalisation has an inbuilt tendency towards deflation. As explained in the article by Francois Sabado, the period since the turn of the century has been a disaster for American capitalism; first the catastrophe in Iraq and of...

This book's main aim is to present a comparative analysis of the crisis in different regions and to contribute to the debates about alternatives with an emphasis on the multiple dimensions of the crisis. In Chapter one, Michel Husson presents an outline of the reasons behind the crisis and the stages of the crisis. Chapter two by Andy Kilmister focuses on the particular intensity of the crisis in Britain and the deep rooted contradictions behind the crisis in the British economy. In Chapter three, Susan Pashkoff analyses the discourse and political economy of austerity with a focus on the...