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The Economic Crisis & the Return of History

The Economic Crisis & the Return of History

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By David North
 
 
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David North, in three lectures delivered within a few months of the 2008 collapse of Lehman Brothers, argues that the rapid growth of social inequality rooted in the historic crisis of the capitalist system, will bring on titanic class struggles internationally. The crisis of 2008 represented a turning point in American and world capitalism. Published in 2012, and drawing attention to the mass upsurges of 2011, the themes in these lectures are indispensible for workers and youth currently entering onto the stage of history.

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The three lectures reproduced in this pamphlet analyze the background and implications of the 2008 economic crisis. Far from being a simple downturn, the crisis in 2008 represented a deepening contradiction between globalized production and the nation-state. David North, chairman of the International Editorial Board of the World Socialist Web Site originally gave these lectures in the year following the crash.

The crisis of 2008 became the occasion for a historically unprecedented government bailout of the banks, as world governments, led by the Obama administration (elected in November 2008), handed out trillions of dollars to ensure the bad debts of the financial speculators. At the same time, the financial crisis set off the deepest world recession since the 1930s, leading to the destruction of tens of millions of jobs around the world.

The crisis of 2008 was an expression of deep contradictions in the world capitalist system, centered in the increasingly global forms of production and the long-term decline of the United States. The events of the summer of 2011, including a renewed global downturn, stock market panics, and the emergence of working class struggle internationally provide further confirmation of this analysis.
Author David North
Publisher Mehring Books
Publication Date 2011
Pages 70
Publication Type Pamphlet
ISBN 978-1-893638-14-3.
David North is is the National Chairman of the Socialist Equality Party in the United States and Chairman of the International Editorial Board of the World Socialist Web Site. He is the author of numerous books and pamphlets, including In Defense of Leon Trotsky, The Crisis of American Democracy, and The Heritage We Defend: A Contribution to the History of the Fourth International.

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