Meltdown: The End of the Age of Greed

A fully updated new edition of an acclaimed report on the global financial crisis.
Meltdown is the gripping account of the financial collapse that destroyed the West’s investment banks, brought the global economy to its knees, and undermined three decades of neoliberal orthodoxy. Covering the development of the crisis from the economic front line, BBC Newsnight journalist Paul Mason explores the roots of the US and UK’s financial hubris, documenting the real-world causes and consequences from the Ford factory, to Wall Street, to the City of London. In this fully updated new edition, he recounts how the credit crunch became a full-blown financial crisis, and explores its impact on capitalist ideology and politics in our new age of austerity.


  • “A page-turning account … Mason is refreshingly clear-eyed—and angry.”
  • “Excellent.”
  • “What people need is a reliable guide to the financial crisis … Meltdown is the book they are looking for.”
  • “A lucid and sharply polemical account.”


  • Seumas Milne and Labour: an essential reading list

    Since storming to victory on September 14th with 59.5% of the vote in Labour's leadership election, Jeremy Corbyn has continued to ruffle right-wing feathers: not singing the national anthem; cancelling an appointment with Her Majesty; and, most recently, appointing Seumus Milne as his Director of Strategy. 

    "Real Labour voters read tabloids, love the Queen and join the Army. They don't relate to Guardianista apologias for terrorism", insisted the Telegraph. Of course, others may have been pleased that Corbyn chose to appoint an award-winning journalist known for his criticisms of Western imperialism, commitment to uncovering the corruption of the British State, and left-wing principles.

    From his devestating expose of the Thatcher government in The Enemy Within to his analysis of the United States' stumbling empire in The Revenge of History, Milne has long been one of the most distinctive and critical voices in the British media.  

    Read more on Milne, the Labour Party, and British and international politics below.

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  • 'The perspective of tomorrow'—Ralph Miliband on 'The Sickness of Labourism' in 1960

    "Jeremy Corbyn's victory means Labour's living dead have been vanquished—and English politics has come to life again". Tariq Ali, writing for the Independent, expresses much of the energy surrounding Jeremy Corbyn's storming entrance to become the next leader of the Labour Party.

    In 1960, 
    Ralph Miliband, writing for the very first issue of New Left Review, is far more sober about the Labour Party's past, present and future and the battle for socialism. To mark Corbyn's landslide election victory and the promised repositioning of the Labour Party, the Verso blog is publishing 'The Sickness of Labourism' from behind the New Left Review paywall. 

    “It is a very difficult country to move, Mr. Hynband, a very difficult country indeed, and one in which there is more disappointment to be looked for than success.” 
    Disraeli, 1881.

    The last General Election has had at least one beneficial result: it has shocked many more people into a recognition of the fact that the Labour Party is a sick party. And it has also helped many more people within it to realise that the sickness is not a surface ailment, a temporary indisposition, but a deep organic disorder, of which repeated electoral defeats are not the cause but the symptom. What this means is that the sickness would have been as serious if Labour had won the last election. Victory at the polls, given Labour’s recent history, policies and leadership, would only have delayed the crisis, for a while, and given the Labour Party an altogether deceptive appearance of health. This is why a proper diagnosis must take electoral defeat into account, but only as one element of Labour’s condition.

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  • Yanis Varoufakis on Syriza, anti-austerity European politics and Corbyn as election time beckons for Greece

    In under two weeks time, Greece will vote on who is to lead their country after the speedy resignation of Alexis Tsipras. Below is an interview with Greece's former finance minister, Yanis Varoufakis and leading academics from around the UK. This interview was first published on The Conversation website under a Creative Commons licence.

    Photo: Yves Herman/Reuters

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Other books by Paul Mason