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Economy

Capitalism’s false dawns of recovery

Buoyed by statistics showing growth in many key countries, capitalist commentators are once again optimistically predicting that "green shoots of recovery" are blossoming for the world economy. But with this empirical attitude comes an incredible hubris - for none of the fundamental contradictions have been resolved. The system remains riddled with crisis.

Autumn Statement: Rearranging deck chairs on the Titanic

When Boris Johnson recently promised to “make a titanic success” of Brexit, it is unlikely that he realised at the time just how apt his choice of words was. With the Philip Hammond, the Tory Chancellor, yesterday predicting slower growth and a £122bn hole in the government’s finances as a result of Britain’s forthcoming departure from the EU, it is clear that the UK economy is heading for an iceberg.

Deutsche Bank crisis highlights impasse of world capitalism

The spectre of Lehman Brothers is haunting Europe. Last week, on Monday 26th September, the price of shares in Deutsche bank, Germany’s largest lender, slumped to its lowest level since 1983. A slump of this magnitude in the shares of one of Europe’s biggest banks has dire implications, not only for the eurozone, but for the world economy as a whole.

Crisis looms for Britain and the world economy

Following the shock of the Brexit vote, Britain has now joined the centre of the world crisis of capitalism. Already in a fragile state, confidence in the British economy has plummeted, prompting the Bank of England to intervene. However with the world economy still in deep crisis, the Bank’s measures will be like trying to stick a plaster over a gaping wound.

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