Capital Against Capitalism: New Research in Marxist Political Economy

Journal of Australian Political Economy
Publication Type:
Journal Article
Journal of Australian Political Economy, 2012, (70), pp. 5 - 10
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It is now obvious to all but the most deluded supporters of the dominant economic order that a promised global economic recovery has not occurred. At the time of writing more than five years have passed since the collapse of the US subprime mortgage market. Economic stagnation and unemployment dominate American politics, repeated efforts to use austerity to stabilize the Eurozone have not just brought peripheral nations like Greece and Spain closer to default but threaten the ruination of entire societies, and international trade and financial transactions remain volatile and depressed. All these phenomena are symptomatic of a deep and prolonged global recession, surpassed in historical terms only by the Great Depression. While most focus in the mainstream media is on the world's advanced capitalist economies, the Global South's situation (with only a few exceptions) is stagnant and has in most places regressed. Even continued expansion in China, seen as a potential new powerhouse of global growth, needs to be set in the context of its relatively small economic size when compared with the vast swathes of rich capitalism that have sunk into protracted malaise.
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