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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.

Reviews

  • “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.”

Blog

  • Post-crash economics: a reading list

    Neoliberal economics isn't working and students are demanding more from their course reading than the 8th edition of Macroeconomics can provide. Following the news that Economics students in Manchester have formed the Post-Crash Economics Society and Aditya Chakrabortty's excoriating and controversial commentary on the state of contemporary economics, published in the Guardian this week, Verso presents a reading list of economics titles which challenge the mainstream neoliberal consensus and offer powerful alternative models in contemporary economics.
     


    First on our list, and referenced by Chakrabortty, Never Let a Serious Crisis Go to Waste: How Neoliberalism Survived the Financial Meltdown by Philip Mirowski
    Following the financial crisis, how have banks and the financial services industry manage to stay on top in the political stakes; indeed, how has their recovering led to an upturn in their fortunes? Philip Mirowski explores how financial capitalism has turned the crisis to their advantage, leveraging state power to prop up free market capitalism.

    Another new release from Verso is Costas Lapavitsas' book on financialisation, Profiting Without Producing: How Finance Exploits Us All. Described as "a masterpiece on the financialized capitalism of our age", the book looks at the rise of financial profit as a key aspect of the economy, and the role of financialized capitalism in the current economic crisis.

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  • How to do post-crash economics?

    Mainstream economics has not come up with any fresh ideas, or new methods of investigation after the gigantic crisis of 2008-9. Nothing has fundamentally changed, and suggestions that something is not quite right with the discipline are usually met with bafflement. The real issue, however, is not to point out the weaknesses, or the intellectual rigidity of mainstream economics, a task that has been repeatedly performed in recent decades. It is, rather, to produce analysis that is genuinely different from the mainstream, while remaining true to economics as a discipline.

In this light, the kind of economics that I find persuasive would have the following features:

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  • Why It’s Still Kicking Off Everywhere

    Protesters take to the streets of Madrid on Friday as the number of unemployed surpasses 6 million for the first time in Spain’s history.

    Two days before International Workers Day and Paul Mason, BBC Journalist and author of Why It's Still Kicking Off Everywhere, asserts a global revoultion is taking place.

    "Two years on from the Arab Spring, I’m clearer about what it was that it inaugurated: it is a revolution. In some ways it parallels the revolutions of before – 1848, 1830, 1789 – and there are also echoes of the Prague spring, the US civil rights movement, the Russian ‘mad summer of 1874’ … but in other ways it is unique. Above all, the relationship between the physical and the mental, the political and the cultural, seems to be inverted. There is a change in consciousness, the intuition that something big is possible, that a great change in the world’s priorities is within people’s grasp."

    Read the article in full here.

Other books by Paul Mason