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The Economic Crisis & the Return of History
The three lectures reproduced in this pamphlet were originally given by David North, the national chairman of the Socialist Equality Party and the chairman of the International Editorial Board of the World Socialist Web Site. They were delivered between March and October 2009, that is, between six months and just more than a year after the Crash of 2008, which nearly provoked a meltdown of the entire financial system.
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.
As explained in these lectures, the crisis of 2008 was an expression of deep contradictions in the world capitalist system, which are centered in 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 confir- mation of this analysis.
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.
As explained in these lectures, the crisis of 2008 was an expression of deep contradictions in the world capitalist system, which are centered in 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 confir- mation 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. |