"If I told you eight years ago that America would reverse the great recession, reboot the auto industry, and unleash the greatest stretch of job creation in our history ... you might have said our sights were set a little too high." Thus boasted the former US president Barack Obama in his farewell address. But is the financial crisis really behind us? Has the strategy implemented to save the banks not, on the contrary, created the conditions for the next conflagration? Cédric Durandwrites.
An abbreviated version of this article appeared in the February 2017 Le Monde diplomatique. Translated by David Broder.
Figure 1: GDP growth in the advanced economies
Happy anniversary! On 2 April 2007, New Century Financial Corporation entered into liquidation. The collapse of this US real estate investment company — the second biggest provider of the now-infamous subprime mortgages — fired the starting gun on a financial crisis bigger than any the world had seen since 1929. Ten years on, capitalism is still yet to recover from this major shock. Growth is sluggish, under-employment endemic and the extreme monetary policies implement by central banks are reaching their limits.
A British politics reading list
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It's been a landmark year for this rainy island. Labour coup attempts, Brexit chaos, rising poverty, thriving right-wing politics, and yet! we've seen more outrage over a potential marmite shortage than the spike in racially motivated attacks.
Beyond that, there's been an accelerated rise of the far-right throughout Europe (and, of course, the horror in the US), a refugee crisis so poorly managed that an even worse humanitarian crisis awaits us in 2017, and a global climate catastrophe that isn't going away but continues to be (largely) ignored. Capitalism is still doing it's bit for the rich, whilst failing everyone else, creating a wealth divide so large that it's hard to see where it will end.
Our British politics reading list includes books that look at these very issues, as well as the historical contexts and political conditions that have allowed them to thrive in the last year. Until Jan 1: all our print books are 50% off (with free shipping worldwide and bundled ebooks), all our ebooks are 90% off.
Since storming to victory on September 14th 2015 with 59.5% of the vote in Labour's leadership election, Jeremy Corbyn has faced many challenges; including from within his own party.
On Saturday he dealt with the most significant threat to his leadership to date. He increased his win to 61.8% in the leadership election, an unarguable mandate from his party members. The results of this weekend will have an overwhelming effect on the landscape of British politics. But will the PLP now unify behind their leader?
In the build up to the Labour Party Conference, the Leadership Election 2016, as well as the World Transformed festival (hosted by a coalition of grassroots groups and powered by Momentum), Verso has put together an essential reading list. Download our free eBook on Corbyn and the Future of Labour to get 40% off all of the books below until September 30th (click on the discount link within the ebook).