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Capitalism and the Crisis of Neoliberalism

Posted by Matthew Brett on October 11th 2008 at 2:01am | 1

(Socialist Project forum series) The current credit crisis rocking Wall Street may well be the largest market failure within the history of capitalism. The crisis is destabilizing the American economy, and also causing financial crises across the capitalist world. It is now dragging the Canadian economy into recession.

The immediate trigger of the instability was problems in housing markets. It spread from there into the massive speculative derivative markets, and finally into a series of bankruptcies of leading financial institutions. Washington is now proposing the largest bailout of capitalist enterprises in history.

Financialization and the power of Wall Street have been two of the hallmarks of neoliberal globalization. This crisis of neoliberalism raises pressing political issues for the Left.

Speakers: • Greg Albo, Professor of Political Economy, York University. • Jim Stanford, Economist, Canadian Auto Workers. • David McNally, Professor of Political Science, York University.

Matthew Brett

Matthew Brett is the Canadian Dimension weblog manager. The views expressed on this blog do not necessarily represent his own. Read more by Matthew Brett.

1 comments

  • Most interesting and relevant debate. Can I post this on my website.  http://chriswhiteonline.org

    In Australia, after the Youyr Rights at Work campaign was victorious in defeating the extreme Howard government, is now facing from the Rudd labor Government a new Fair Work bill, that although has some reforms, is now feeling like a sell-out.

    Professor Harry Glasbeek from Toronto (and Melbourne) has a post on these issues.

    I will also send his paper to you.

    I was put onto this website by Don Sutherland from the AMWU who is regularly in contact with you.

    All the best.

    #1. Posted by Chris White on December 6th 2008 at 7:00pm

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