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31 March 2009

Economic crisis turning into political action

CWI European meeting: The European Bureau of the Committee for a Workers' International (CWI) took place this week. The CWI is the socialist international to which the Socialist Party is affiliated. The meeting discussed the...

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Unison Local Government strike 16-17 July in London, photo Paul Mattsson

Unison Local Government strike 16-17 July in London, photo Paul Mattsson

3 March 2009

Bosses get pay-offs, workers get layoffs

THE CAPITALIST economy is going deeper into recession. 320,000 jobs could be destroyed in Britain in the next three months, 'business advisers' now predict. Over two million people are already out of...

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The Committee for a Workers International protesting at the G8 summit 2005, photo Paul Mattsson

The Committee for a Workers International protesting at the G8 summit 2005, photo Paul Mattsson

3 March 2009

Has globalisation gone into reverse?

As the world credit crunch and financial crisis spread to the real economy, government leaders gathered at a G-20 summit, last November, agreed not to raise barriers to trade and investment and not to go down the road of 'beggar thy neighbour' protectionism, writes Niall Mulholland.

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24 February 2009

A global crisis, and the particular crisis in Britain

Spreading like wildfire across the planet, this is a truly global crisis. No country will escape its effects. The ludicrous idea that China and the other BRIC countries (Brazil, Russia and India) could...

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15 February 2009

Crisis of world capitalism

Discussion document for Socialist Party congress 2009: The dominant issue facing the Socialist Party, the working class and the labour movement now and for the foreseeable future is the crisis of world capitalism, within which is the special crisis of British capitalism...

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28 January 2009

Era of illusions in capitalism ending

Editorial: So the economy is now officially in recession. No great surprise, as most people feel they have been suffering recession-like conditions for six months already...

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21 January 2009

Capitalism kills, concludes study of privatisation era

Russia and Eastern Europe in the 1990s: "SHOCK THERAPY sell-offs blamed for one million deaths" was the stunning headline in the Financial Times of 15 January, writes Clare Doyle.

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13 January 2009

British economy heads deeper into crisis

The Socialist Editorial: Gordon Brown promised that New Labour would end the cycle of 'boom and bust'. He claimed that his government is a "rock of stability". Yet the government is being battered by forces of economic recession which become stronger every week...

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7 January 2009

2009 - putting socialism back on the agenda

"GOODBYE AND good riddance to all that," declared the Financial Times, the big business mouthpiece, as it said farewell to 2008, writes Peter Taaffe, Socialist Party general secretary.

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3 December 2008

Crisis-hit capitalism fears prospect of revolution

CWI International Executive Committee 2008: THE INTERNATIONAL Executive Committee (IEC) of the Committee for a Workers' International (CWI) met in Belgium on 23-29 November. Hannah Sell gives a summary of Peter Taaffe's introduction to the session on the global economic crisis and its political consequences with highlights from the discussion.

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25 November 2008

Alistair Darling's pre Budget Report: Pain now, pay later

Alistair Darling reads the beginners guide to the economy, cartoon by Suz

Alistair Darling - learning about capitalism? cartoon by Suz

The government's Pre Budget Report (PBR), presented by Alistair Darling, the Chancellor of the Exchequer, marks a new stage in the developing economic crisis by proposing to inject 20 billion of public money into the economy partly through tax cuts to try and minimise the effects of the recession...

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12 November 2008

Defend workers' jobs and pay

Economy in recession: "Buy one car, get one free", was the desperate offer of a Colchester car sales broker. Nationally, car sales have fallen to a level not seen since 1966. And now falling consumer spending and the credit...

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22 October 2008

Iceland: A victim of the casino economy

ITS THREE main banks have collapsed and the currency has effectively ceased trading. And with debts totalling ten times the national income of the country, an Icelandic delegation went cap in hand to Moscow. Per-Ake Westerlund (Rattvisepartiet Socialisterna - CWI in Sweden) reports.

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15 October 2008

Sack the bankers not the workers

The proposed takeover of HBOS by Lloyds TSB will result in anything from 20,000 to 40,000 jobs being cut, writes a Cheltenham and Gloucester bank worker.

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2 October 2008

Market madness!

Profit system failing: The world economy, already in turmoil from the credit crunch, was swept further into an abyss by the thunderbolt news that the US congress had rejected a 'blank cheque' $700 billion bailout of failing banks, writes Judy Beishon, editor, The Socialist.

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29 September 2008

The great implosion: Capitalist finance system nears meltdown

Editorial, Socialism Today, October 2008: Over recent years, we have often been accused of being 'catastrophists'. This is because we predicted that the debt-driven bubble economy, dominated by high-profit, high-risk finance capitalism, would...

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2 September 2008

'Them and us' economy hits the rocks

PCS Passport workers on strike in Belfast, photo Peter Hadden

Major struggles are inevitable - trade union action needed to protect our future. Picture: PCS Passport workers on strike in Belfast, photo Peter Hadden

"The economic times we are facing are arguably the worst they've been in 60 years", blurted out chancellor Alistair Darling in an unguarded moment on his summer holiday, writes Dave Reid.

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13 August 2008

CWI Summer School 2008: Capitalism at a crucial turning point in its history

Tony Saunois, secretary of the Committee for a Workers' International (CWI), opened the CWI international summer school by firmly underlining the changes being brought in by the new economic crisis of capitalism and the importance of workers' struggles which will emerge, writes Alison Hill.

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16 July 2008

Global finance crisis deepens

Dow Jones plunges

Dow Jones plunges

US banking bailout: THE REAL rate of inflation that workers in Britain face has hit 18.5%, according to the Daily Mirror, as the cost of food, fuel and household bills continue to rocket. Simultaneously with prices spiralling upwards, the economy is entering recession, writes Hannah Sell.

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16 July 2008

Feature: Price inflation - the sickness of capitalism

Bubbles: The cover of Socialism Today, May 2007, anticipated the crash. Cartoon by Suz

Bubbles: The cover of Socialism Today, May 2007, anticipated the crash. Cartoon by Suz

THE PRICES of food and fuel are soaring, as are household gas and electricity bills.
The main cause is the explosion of world oil, food and other commodity prices.
Yet Brown, Darling and other New Labour ministers are calling for "pay restraint"! But why should workers pay for inflation?
Lynn Walsh looks at the causes and consequences of this sickness of free market capitalism.

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