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Economy

2016: the capitalist crisis deepens

George Osborne, the Tory chancellor, who only six weeks ago was boasting about the strength of the British economy, has now had to issue a bleak warning for the coming year. A culmination of weakening world growth, plummeting oil prices, and a sharp slowdown in China, amongst other things, has blown Osborne’s economic predictions out of the water.

"The never-ending story" of capitalist crisis

It is now over seven years since the beginning of the crisis, and there is still no end in sight. Talk of recovery is a sick joke at best, and deluded at worst. The reality is that a new – deeper – phase in the world crisis of capitalism is opening up.

Danger: world slump ahead

The International Monetary Fund has been forced, not only to repeatedly downgrade its growth forecasts, but to now predict a fall in World GDP in dollar terms, the first since 2009. This is a reflection of the crisis-ridden world we are in.

Steel crisis highlights instability of world economy

Tata, the giant Indian-owned conglomerate, has announced the closure of its steel plants in Britain, with a resultant 1,200 jobs to be cut. This latest episode in the crisis of the British steel industry is yet another stark reminder of the decrepit nature of British capitalism and of the contradictions within the wider world economy.

Stock market meltdown: Harbinger of new world slump

World stock markets have been in meltdown from Shanghai and Shenzhen to London and New York. A sea of red blighted the computer screens of the stock exchanges everywhere in a panic global sell-off. Could this crash be a one-off event, which will quickly return to normal, or the beginning of a series of shocks in an unstoppable chain of events?

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