Capital could not just abolish the gains of the postwar period. It was necessary to preserve social peace. The "trick" in the 1970s consisted of using inflation to defuse the emerging conflict between labour and capital over redistribution. The money machine was used to compensate for the loss of income which resulted from the reduction in capital’s contribution to the welfare state… Evidently, that could not last. So from the late 1970s inflation was replaced with public debt, and states borrowed (rather than tax) in order to be able to keep up the level of services. Then, in the 1990s, when states began to worry about the growing weight of debt servicing as part of their budgets, and reduced their spending (and thus social services) we took recourse to private debt. In other words, we made it easier than ever for households to take on debt so that they could preserve their purchasing power, which was being cut back by these budget consolidation measures. And that led us to the 2008 catastrophe.
“Strong and stable!” is Theresa May’s slogan for the upcoming election, empty words for most considering the current Tory landscape of soaring cuts, poverty and inequality.
Here we present our essential reading: featuring leading voices dealing with issues ranging from privatisation, inequality, capitalism, neo-liberalism, socialism, migration, and more.
All these books are 50% off until May 15 at midnight (UTC). Click here to activate your discount.
Click here to activate your discount.
May 1st marks International Workers' Day, a festival of working-class self-organization stretching back over 130 years. It was originally inaugurated to commemorate the Haymarket Massacre of 1886 in Chicago, where a bomb thrown during a worker's strike kicked off a period of anti-labor hysteria.
To mark this significant date, we have 50% off a selection of books looking at policing, riots, Rosa Luxemburg, neoliberalism, revolution and rebellion. Click here to activate your discount.
Plus, see all our May Day Reading from the Verso Archive covering care work, sex work, black liberation & more; from Angela Davis, Gail Lewis, Melissa Gira Grant, Isabell Lorey, and Kristin Ross. Read all the essays here.