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Socialism Today 122 - October 2008

Socialism Today 122 - October 2008


The great implosion

OVER RECENT YEARS, we have often been accused of being ‘catastrophists’. This is because we predicted that the debt-driven bubble economy, dominated by high-profit, high-risk finance capitalism, would at a certain point collapse, resulting in a serious downturn in the world economy.

Unfortunately, some on the left succumbed to the idea that the world capitalist boom, based on accelerated globalisation and ultra-free-market policies, could continue indefinitely. The events of recent weeks, following the collapse of the US housing bubble and the severe repercussions of the subprime mortgage crisis, have completely changed the picture. Now the headlines in the serious capitalist press are ‘catastrophist’. "Capitalism in convulsion", read a headline in the Financial Times (20 September).

New Labour: losing its hold on power

Temporary blips aside, the popularity of Britain’s prime minister, Gordon Brown, and his government is on the slide. New Labour MPs are beginning to squeal, sensing that before long they could lose their lucrative seats, pulling their noses out of the generous parliamentary trough. Economic recession and rising working-class anger are fuelling this political crisis. In the wake of New Labour’s national conference, PETER TAAFFE assesses the situation.

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Northern Ireland
'Power sharing' stalemate

Hong Kong
A sharp shift to the left

The character of the Chinese state
Lynn Walsh continues Socialism Today's debate series

China's hybrid economy
Is China now a fully-fledged capitalist economy? Or is it less clear cut?

In the grip of the rich
Who Runs Britain? by Robert Peston

Cover cartoon: Suzanne Muna

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