||The three lectures reproduced in this pamphlet analyze the background and implications of the 2008 economic crisis. Far from being a simple downturn, the crisis in 2008 represented a deepening contradiction between globalized production and the nation-state. David North, chairman of the International Editorial Board of the World Socialist Web Site originally gave these lectures in the year following the crash.
The crisis of 2008 became the occasion for a historically unprecedented government bailout of the banks, as world governments, led by the Obama administration (elected in November 2008), handed out trillions of dollars to ensure the bad debts of the financial speculators. At the same time, the financial crisis set off the deepest world recession since the 1930s, leading to the destruction of tens of millions of jobs around the world.
The crisis of 2008 was an expression of deep contradictions in the world capitalist system, centered in the increasingly global forms of production and the long-term decline of the United States. The events of the summer of 2011, including a renewed global downturn, stock market panics, and the emergence of working class struggle internationally provide further confirmation of this analysis.
|About the Author
||David North is the chairman of the international editorial board of the World Socialist Web Site. He is the author of numerous books, articles, and lectures on questions relating to contemporary US and international politics, European and Soviet history, and the history of the Trotskyist movement, including The Russian Revolution and the Unfinished Twentieth Century; In Defense of Leon Trotsky; The Crisis of American Democracy; Marxism, History and Socialist Consciousness; and The Heritage We Defend.