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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

  • World premiere: Paul Mason’s Why It’s Kicking Off Everywhere

    How did we get from the optimism of the Arab Spring and the Occupy Movement to Trump’s election and the dislocation of the present day?

    Why It’s Kicking Off Everywhere, written by Paul Mason and directed by David Lan, will be performed 28–30 March 2017 at the Young Vic. Tickets are free and will be allocated by ballot.


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  • The Ignored Lessons of the Financial Crisis

    "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.

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  • Labour: Verso's Essential Reading List

    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).


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