As the COVID-19 pandemic drags into its second year, it continues to expose and intensify the contradictions of world capitalism. The madness of vaccine nationalism clearly demonstrates that a system based on private property, and the division of the world into antagonistic nation-states, is not equipped to deal with a viral threat that has no respect for borders, profit margins, or narrow nationalist interests.

About a year has passed since COVID-19 was declared a global pandemic. Over two million people have died directly from the virus itself thus far. Many more have died from ancillary causes. While the vaccines now in circulation offer a ray of hope for the masses, who are trapped in a cycle of isolation and precarity, the crisis is far from over. Not least because protectionism and “vaccine nationalism” are preventing billions of people from actually accessing these lifesaving resources. When will it all end?

A million lives have officially been claimed by the COVID-19 pandemic. The scale of this tragedy is a direct result of capitalism and its representatives. They have shown a callous disregard for workers, youth and the poor; and their inept attempts to save the system have only created more chaos.

There are no parallels to the current chaos wreaking havoc on society. This is no normal capitalist crisis. Revolutionary developments are exploding to the surface across the world. We need a leadership that is up to the task.

Yesterday, an inquiry into the May 2017 Manchester bombing began, more than three years after the attack. The inquiry's chairman stressed that he was “not looking for scapegoats”, but rather searching for the truth. In reality, the purpose of this inquiry is the exact opposite. We republish here an article by Alan Woods, written the day after the attack, which traces the criminal role played by British intelligence agencies, which facilitated the tragic event. 

All over the world, lockdowns are being lifted. Amidst the biggest economic and social crisis in living memory, the ruling class is pushing a “return to normality” – before it is safe, while preparing new attacks on the working class. This pandemic is continuing to bring the rottenness and cynicism in capitalist society to the surface.

As billions of dollars are invested into creating a vaccine for COVID-19, the imperialists are only interested in protecting their intellectual property and settling scores with one another. Meanwhile, global bodies like the WHO further reveal their impotence in the face of this international public health emergency.

The IMF declared at the beginning of April that we have entered into “the worst economic downturn since the Great Depression”. Yesterday, their perspective was confirmed when figures released for the US showed a rate of 4.8 percent decline. Today, the figures are out showing a 3.8 percent contraction in one quarter in the Eurozone. The disastrous handling of the coronavirus pandemic sharpened an economic crisis that was already in the making.

Watch Alan Woods (editor of marxist.com) discuss the ongoing COVID-19 pandemic and the worst-ever crisis of capitalism.

Events on a world scale are moving at breakneck speed. The new coronavirus (COVID-19) has set in motion a chain reaction, which is upending any semblance of stability in one country after another. All of the contradictions of the capitalist system are coming crashing to the surface.

The latest outbreak of coronavirus has caused the biggest wave of stock market losses since 2008, wiping $5tn off share values worldwide. Markets are worried that the virus will have a serious impact on an already weak world economy. These fears are not unfounded.

The birth of the New Year was celebrated with the usual razzmatazz. In London, revellers welcomed the start of a new decade with fireworks displays, as did many people in Edinburgh and other major cities. No doubt, Britain’s new Prime Minister Boris Johnson was celebrating even more enthusiastically than most other people. Having won the 2019 general election with a handsome majority, he is now free to lead the nation to a successful conclusion of the Brexit negotiations. That, at least, is the theory.

In this video, Alan Woods (editor of marxist.com) introduces the discussion on world perspectives at the International Marxist Tendency's 2019 world school in Italy. He discusses the impending recession, the crisis of reformism, and the collapse of the so-called political centre.

“A phantom is haunting Europe.” With this celebrated phrase, the authors of the Communist Manifesto proclaimed the dawn of a new stage in human history. That was in 1848, a year of revolutionary upheavals in Europe. But now a phantom is haunting, not just Europe, but the whole world. It is the phantom of world revolution.

As we step into a new year, the world is facing a decisive turning point. The crisis of capitalism is reaching a new level – one that threatens to overthrow the entire existing world order that was painfully put together after the Second World War. 10 years after the financial collapse of 2008, the bourgeoisie is nowhere near solving the economic crisis.