A New Stage in the Crisis of Capitalism - Part Five

The loss of belief in the existing society, its institutions, laws and morality, is a prior condition for revolution. But such a change does not happen all at once. Gradually, to the degree that the given socio-economic system begins to fail, the feeling grows that “something is not right” with society, that some kind of change is necessary.

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A New Stage in the Crisis of Capitalism - Part Four

Europe faces a protracted period of austerity, with major contractions in output, consumption and employment. The crisis has started with the smaller, more vulnerable economies like Greece, Portugal and Ireland. But the others will follow, starting with Britain. 

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A New Stage in the Crisis of Capitalism - Part Two

In the second part of his article, Alan Woods looks at the dire economic situation the European Union faces. He also analyses the effects of the European crisis on the world economy.

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A New Stage in the Crisis of Capitalism - Part Three

Europe faces a protracted period of austerity, with major contractions in output, consumption and employment. The crisis has started with the smaller, more vulnerable economies like Greece, Portugal and Ireland. But the others will follow, starting with Britain. 

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A New Stage in the Crisis of Capitalism - Part One

After talk of the so called "credit crunch" gave way to optimistic comments about the "green shoots" in the economy, events in Greece caught the bourgeois commentators unaware. Now the world economy has once again been plunged into chaos and uncertainty as the governments of Europe try to contain the fall-out from the near-default of Greece and it is the workers who will be presented with the bill.

“To the toiling masses of Europe it is becoming ever clearer that the bourgeoisie is incapable of solving the basic problems of restoring Europe’s economic life.” (Trotsky, On the United states of Europe, 1923)

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