Capitalism in crisis: a sinking ship without any lifeboats As Adam Booth explains in this article, serious bourgeois economists can see a new world economic slump coming, which they have no way of averting, having already used all the traditional measures they would have adopted in the past, lowering interest rates, credit, etc. In these conditions any important event, such as a Greek default or a dramatic turn of events in the Middle East, can trigger an unravelling of all the pent up contradictions.
Capitalist Economy: Staggering from One Impasse to the Next Once more, the world economy is dangling on the edge of a precipice. The crisis in Greece has again hit the headlines and threatens to drag Europe down with it. The days when capitalism could simply sail by without a care in the world have gone forever. As in the interwar period, the crisis of capitalism remains deep-seated and protracted.
The Organic Crisis of Capitalism “Where were the Marxists in 2008, when the demise of Lehman Brothers almost brought about the collapse of capitalism?” asks a puzzled Ralph Atkins, the capital markets editor of the Financial Times. Well, unlike Mr. Atkins and his coterie of free-marketeers, we were not in a state of total bewilderment. We had predicted such an eventuality. As capitalism plunged into a deep slump, we were explaining to an ever-widening audience that the crisis, which bourgeois economists denied could ever happen, was a stunning confirmation of the correctness of Marx’s ideas. These ideas, which had been repeatedly declared out-of-date by capitalist apologists, were shown to be shockingly relevant, in total contrast to bourgeois economic theory and especially the discredited efficient market hypothesis.
