A text about the state debt crisis and its relationship to the underlying health of capital as measured by the actual profitability of the world's biggest companies. For the most important firms in the US and Europe the recession is effectively over but this doesn't mean anything good for the working class!
The apotheosis of money: the structural limits of capital valorization, casino capitalism and the global financial crisis - Robert Kurz
In this 1995 essay, Robert Kurz examines “fictitious capital”, “unproductive labor”, the “tertiary sector”, “State debt”, “speculative bubbles”, “derivatives”, and “globalization” in the context of the wave of bankruptcies, crashes and bailouts of the 80s and 90s; discusses Rosa Luxemburg’s crisis theory, Keynesianism, Aglietta’s “regulation theory”, and the “neo-liberal” offensive; and predicts a “devaluation shock” that will invalidate the bloated property claims of fictitious capital in a “monetary atomic explosion” heralding “the end of the history of the mode of production based on money”.
German communist group Wildcat's 19 theses on the current financial crisis from summer 2011.
The Marxist economist and author Paul Mattick Jnr talks to Stuart Watkins about his views on Marx, the economic crisis, and the prospects for socialism
A short essay contesting the notion that the current economic crisis is the result of "greed" or irresponsible speculation by evil bankers or investment firms, asserting instead that it is an effect of a generalized crisis of value production caused by the falling rate of profit--an immanent law of capitalist production--and further maintaining that, rather than precipitating the crisis, the massive expansion of fictitious capital over the last 30 years was the only way its onset could be delayed until now.