In and Out of Crisis: The Global Financial Meltdown and Left Alternatives

Investment banks have disappeared overnight, industrial firms have gone bankrupt, and the financial order has been shaken to the core: our world is in the grips of the most calamitous economic crisis since the Great Depression with its epicentre is the imperial USA. Many around may wonder if another world is possible, but few are mapping out potential avenues - and flagging wrong turns - en route to a post-capitalist future. In this groundbreaking analysis, renowned radical political economists Albo, Gindin and Panitch lay bare the roots of the crisis, which they locate in the dynamic expansion of capital on a global scale over the last quarter century - and in the inner logic of capitalism itself. In and Out of Crisis challenges the call by much of the Left for a return to a mythical Golden Age of economic regulation as a check on finance capital and shows how neo-liberal free markets have been sustained by massive state intervention. With clarity and erudition, they argue that given the balance of social forces regulation is not a means of fundamentally reordering power in society, but rather a way of preserving markets. Contrary to those who believe US hegemony is on the wane, Albo, Gindin and Panitch contend that the meltdown has, in fact, reinforced the centrality of the American state as the dominant force within global capitalism, while simultaneously increasing the difficulties entailed in managing its imperial role. In conclusion, the authors argue that it's time to start thinking about genuinely transformative alternatives to capitalism - and how to build the collective capacity to get us there. We should be thinking bigger and preparing to go further. See more