Written by a team of experts on the contemporary global capitalist political economy who are able to shed light on the inner workings of global capitalism and the capitalist globalization process that has led to the growth and development of capitalism from the national to the global level, this groundbreaking volume provides critical analyses of the causes and consequences of the Great Recession of 2008-2009. Through a careful examination of the origin, development and aftermath of the catastrophic economic crisis from which the world is still trying to recover, editor Berch Berberoglu and his colleagues demonstrate that those most responsible for the economic collapse are the ones least affected by its devastating impact felt most severely by working people around the world. Ultimately, this book argues that it is only through the systematic restructuring of the world economy by the working class that society will be able to prevent the boom and bust cycle of global capitalist crises and usher in a more egalitarian socialist economy and society.
Contents: Preface; Introduction: the global capitalist crisis and its aftermath on a world scale, Berch Berberoglu; The contours of the Marxist debate on the global capitalist crisis, David Thurston Martin; The global capitalist crisis: its origins, dynamics and impact on the United States, Berch Berberoglu; ‘The Great Recession’ of 2008 and the continuing global capitalist crisis, William I. Robinson; The global financial crisis: a crisis of capital or for labor?, James Petras and Henry Veltmeyer; The global capitalist crisis and the 2008 financial meltdown in the United States, Levin Welch; The impact of the global capitalist crisis on the Eurozone, David L. Elliott; Japan’s long stagnation and the global capitalist crisis: the onset of inter-state rivalry?, Bill Lucarelli; The continuing global capitalist crisis and the transition to state-neoliberalism in China, Alvin Y. So; Russia and the global capitalist crisis, David M. Kotz; Latin America and the epochal crisis of capitalism, Luis Arizmendi and Gordon Welty; ‘Africa rising’ or Africans uprising? The impact of the global capitalist crisis on Africa, Patrick Bond; The structural crisis of global capitalism and the prospects for world revolution in the twenty-first century, Chris Chase-Dunn and Anthony Roberts; The global capitalist crisis and the end of empire, Martin Orr; Conclusion: the global capitalist crisis and class struggle, Berch Berberoglu; Select bibliography; Index.
Neoliberal globalization is in serious crisis. It has brought the world economy to the brink of a global economic depression with major social consequences, from the housing crisis to the credit crunch, to high rates of unemployment and decline in the standard of living for the great majority of the world’s population. This is an occasion to re-examine the structure of the global economy and its social impact in the early twenty-first century in order to assess the problems created by neoliberal economic policies that are endemic to the latest, transnational stage of world capitalism that has been expanding across the globe through the processes of neoliberal globalization. It is for this reason that a careful sociological analysis of the dynamics and contradictions of neoliberal globalization is sorely needed so that the social consequences of this process on the affected populations can be assessed and appropriate responses developed to overcome the ongoing global economic, political, and social crises. This series promises to make a major contribution to this end and will serve to facilitate discussion and debate on a topic that is bound to become the centerpiece of transnational studies in the twenty-first century.