The deep economic recession that has occurred in all major sectors of the U.S. and global economy is a manifestation of the underlying contradictions of the capitalist system that has resulted in the accumulation of vast fortunes on one side and impoverishment, debt, and destitution on the other. In short, the crisis of global capitalism is the result of the immense disparities in wealth and income and a consequent widening gap between capital and labor. This ground-breaking book brings together 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, with all its fundamental internal dynamics and contradictions operating on a world scale. It will make an important contribution to understanding the underlying causes of the current global economic crisis and show the way out of this crisis by way of a powerful critique of the global capitalist system that will ultimately go through a major economic, political, and social transformation. Analysis of the global capitalist crisis raises questions regarding the process of capitalist globalization, especially now that neoliberal economic policies have failed. Does this signal the end of capitalist globalization and the collapse of the global capitalist system? This book will take up these questions and entertain the possibility of a new beginning in the global political economy through an analysis of the next period of post-capitalist developments worldwide that may set the stage for the rise of socialism across the globe.
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.