What began as an unprecedented housing meltdown centered in the
United States in the summer of 2007, quickly turned into a global
insolvency crisis throughout 2008, and later the most significant
economic crisis since the Great Depression. Despite monumental
bailouts and extraordinary coordination by all major capitalist
countries led by the U.S. Treasury, the public purse that salvaged
the making of global capitalism is now being undermined by the very
financial markets that were rescued. A new wave of austerity is
sweeping the globe.With a further slide into recession possible in
2011, a social crisis is brewing as the working class continues to
shoulder the burden of the economic crisis. The articles in this
issue scrutinize the austerity responses of governments around the
world designed to kick-start capital accumulation and recreate a
suitable environment for business investment. The contributors to
this collection provide a vivid portrait of working class
discontent in an era of increasing capitalist militancy.
General
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