|SocialismToday Socialist Party magazine|
Within a year of becoming prime minister, Gordon Brown has seen support for his government collapse. Under mounting pressure from public-sector workers against pay restraint, from working-class people hit by fuel and food price rises, and looming economic crisis, New Labour is getting battered in opinion polls and elections. And a repackaged Tory Party is making a comeback. HANNAH SELL looks at the situation in Britain today.
THE LEFT party (Die Linke) in Germany, formed last year, carries the hopes of millions of people looking for an alternative to the establishment parties. Recent polls indicate it would get 15% if there were national elections, making it the third strongest party. In eastern Germany it tops the polls. LUCY REDLER reports on its first national congress, which took place in Cottbus, Brandenburg, on 24-25 May.
The whole capitalist economy, especially in the US and Britain, more and more resembles a casino. The financial sector now accounts for around 50% of corporate profits. The shadow banking sector accounts for over half of all credit. Retail banks are more and more embroiled in speculative activity through unregulated, ‘off balance-sheet’ activity. LYNN WALSH reviews a new book - The Trillion Dollar Meltdown by Charles R Morris - which details what lies behind the global credit crunch.
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A Greek drama
Italy's Rifondazione Comunista
Labours old & new
Cover cartoon: Suzanne Muna www.squashdonkey.co.uk