The Crisis And The Left

This year's Socialist Register continues its coverage of the economic crisis. It deepens the analysis with essays on: * The global roots of the crisis* The place of the city as a site of capital accumulation and resistance* The dismantling of the public sector * The fraudulence of neoliberal environmentalism* The intensification of global austerityIt extends regional coverage of the crisis, with essays on the United States, Latin America, China, Eastern Europe, Ireland, and the Middle East. The volume also opens up a debate on possible strategies for the Left, which it will continue in the forthcoming volume in 2013 on socialist strategy for the 21st centur

In this groundbreaking study of the financial meltdown, renowned radical political economists lay bare the roots of the crisis in the inner logic of capitalism itself. Objective and detailed, this account provocatively challenges the call for a return to a largely mythical golden age of economic regulation as a check on finance capital. In addition, it deftly illuminates how the era of neoliberal free markets has been, in practice, under-girded by state intervention on a massive scale. Arguing for genuinely transformative alternatives to capitalism, and discussing how to build the collective capacity to realize these goals, this record is a critique of the crisis and an indispensable springboard for a renewed political left.

The global economic crisis that closed the first decade of the 21st century has demonstrated that the contradictions of capitalism cannot be overcome. The challenge for socialist analysis is to reveal both the nature of these contradictions in the neo-liberal era of globalized finance, and their consequences in our time. Crises need to be understood as turning points that open up opportunities. How to facilitate this is the sharpest challenge posed to socialists by the most severe global economic crisis since the 1930s. This volume, a companion to The Crisis This Time: Socialist Register 2011, examines the response of the international Left and asks, how has the Left responded and can it offer an alternative to faltering capitalism?

The Crisis of Theory, available in paperback for the first time, tells the story of the political and intellectual adventures of E. P. Thompson, one of Britain's foremost twentieth-century thinkers. Drawing on extraordinary new unpublished documents, Scott Hamilton shows that all of Thompson's work, from his acclaimed histories to his voluminous political writings to his little-noticed poetry, was inspired by the same passionate and idiosyncratic vision of the world. Hamilton shows the connection between Thompson's famously ferocious attack on the 'Stalinism in theory' of Louis Althusser and his assaults on positivist social science in books like The making of the English working class, and he produces previously unseen evidence to show that Thompson's hostility to both left and right-wing forms of authoritarianism was rooted in first-hand experience of violent political repression. This book will appeal to scholars and general readers with an interest in left-wing politics and theory, British society, twentieth-century history, modernist poetry, and the philosophy of history.

Stuart Hall's writings on the political impact of Margaret Thatcher have established him as the most prescient and insightful analyst of contemporary Conservatism Collected here for the first time with a new introduction, these essays show how Thatcher has exploited discontent with Labour's record in office and with aspects of the welfare state to devise a potent authoritarian, populist ideology. Hall's critical approach is elaborated here in essays on the formation of the SDP, inner city riots, the Falklands War and the signficance of Antonio Gramsci. He suggests that Thatcherism is skillfully employing the restless and individualistic dynamic of consumer capitalism to promote a swingeing programme of 'regressive modernization'. The Hard Road to Renewal is as concerned with elaborating a new politics for the Left as it is with the project of the Right. Hall insists that the Left can no longer trade on inherited politics and tradition. Socialists today must be as radical as modernity itself. Valuable pointers to a new politics are identified in the experience of feminism, the campaigns of the GLC and the world-wide response to Band Aid.

Our world is in the grips of the most calamitous economic crisis since the Great Depression—and its epicenter is the imperial United States, where hallowed investment banks have disappeared overnight, giants of industry have gone bankrupt, and the financial order has been shaken to the core. While many around the globe are increasingly wondering if another world is indeed possible, few are mapping out potential avenues – and flagging wrong turns – en route to a post-capitalist future. In this groundbreaking analysis of the meltdown, renowned radical political economists Albo, Gindin, and Panitch lay bare the roots of the crisis, which they locate in the dynamic expansion of capital on a global scale over the last quarter century—and in the inner logic of capitalism itself. With an unparalleled understanding of the inner workings of capitalism, the authors of In and Out of Crisis provocatively challenge the call by much of the Left for a return to a largely mythical Golden Age of economic regulation as a check on finance capital unbound. They deftly illuminate how the era of neoliberal free markets has been, in practice, undergirded by state intervention on a massive scale. With clarity and erudition, they argue persuasively that given the current balance of social forces—as bank bailouts around the globe make evident—regulation is not a means of fundamentally reordering power in society, but rather a way of preserving markets. Contrary to those who believe US hegemony is on the wane, Albo, Gindin, and Panitch contend that the meltdown has, in fact, reinforced the centrality of the American state as the dominant force within global capitalism, while simultaneously increasing the difficulties entailed in managing its imperial role. In conclusion, the authors argue that it’s time to start thinking about genuinely transformative alternatives to capitalism—and how to build the collective capacity to get us there. We should be thinking bigger and preparing to go further. In and Out of Crisis stands to be the enduring critique of the crisis and an indispensable springboard for a renewed Left.

Our world is in the grips of the most calamitous economic crisis since the Great Depression - and its epicentre is the imperial United States. In this groundbreaking analysis of the meltdown, renowned radical political economists Albo, Gindin and Panitch lay bare the roots of the crisis, which they locate in the dynamic expansion of capital on a global scale over the 25 years - and in the inner logic of capitalism itself. This groundbreaking work stands to be the enduring critique of the crisis and an indispensable springboard for a renewed Left.

Liberal left orthodoxy holds that Brexit is a disastrous coup, orchestrated by the hard right and fuelled by xenophobia, which will break up the Union and turn what’s left of Britain into a neoliberal dystopia. Richard Tuck’s ongoing commentary on the Brexit crisis demolishes this narrative. He argues that by opposing Brexit and throwing its lot in with a liberal constitutional order tailor-made for the interests of global capitalists, the Left has made a major error. It has tied itself into a framework designed to frustrate its own radical policies. Brexit therefore actually represents a golden opportunity for socialists to implement the kind of economic agenda they have long since advocated. Sadly, however, many of them have lost faith in the kind of popular revolution that the majoritarian British constitution is peculiarly well-placed to deliver and have succumbed instead to defeatism and the cultural politics of virtue-signalling. Another approach is, however, still possible. Combining brilliant contemporary political insights with a profound grasp of the ironies of modern history, this book is essential for anyone who wants a clear-sighted assessment of the momentous underlying issues brought to the surface by Brexit.