The book discusses the nature of Marxist theory of crisis and applies it to the global financial crisis which began in 2007. Is the contemporary crisis simply the usual periodic upturn and downturn or is there something more fundamental? Is there a structural crisis of capitalism, from which there is no immediate solution? Is capitalism managed and does it have a strategy? Is the financial crisis representative of a failure in capitalism itself to subject banks and other financial institutions to the overall economy? The book discusses Marx's view on crises, as well as ideas on money and finance. It considers the different modern Marxist ideas on the causes of crises - falling rate of profit, disproportionality and underconsumption. It goes into detail as to the nature of the present crisis, its course and causes in a spirited and independent manner. Apart from the United States, it considers the situation in the two countries, in which protests erupted: Iran and Greece. They are taken as examples of the effect of the crisis on the country, the society and the economy as well as its politics. This book was originally published as a special issue of Critique.

The book discusses the nature of Marxist theory of crisis and applies it to the global financial crisis which began in 2007. Is the contemporary crisis simply the usual periodic upturn and downturn or is there something more fundamental? Is there a structural crisis of capitalism, from which there is no immediate solution? Is capitalism managed and does it have a strategy? Is the financial crisis representative of a failure in capitalism itself to subject banks and other financial institutions to the overall economy? The book discusses Marx's view on crises, as well as ideas on money and finance. It considers the different modern Marxist ideas on the causes of crises -- falling rate of profit, disproportionality and underconsumption. It goes into detail as to the nature of the present crisis, its course and causes in a spirited and independent manner. Apart from the United States, it considers the situation in the two countries, in which protests erupted: Iran and Greece. They are taken as examples of the effect of the crisis on the country, the society and the economy as well as its politics. This book was originally published as a special issue of Critique.

Hillel Ticktin has been one of the most controversial figures in Soviet studies for 25 years. His assertions that the Soviet economy was hopelessly inefficient, that the ruble was a sham, and that the elite was desperate once sounded outrageous. Ticktin consistently argued that perestroika would fail. In his view the USSR was and remained inherently Stalinist. It might lurch back and forth between reformist and reactionary leadership factions but, the system could not evolve, nor could it be restructured. Ultimately, it could only disintegrate, and when it did, the workers would hold the balance. This collection of essays offers a thorough sample of his views.

Hillel Ticktin has been one of the most controversial figures in Soviet studies for 25 years. His assertions that the Soviet economy was hopelessly inefficient, that the ruble was a sham, and that the elite was desperate once sounded outrageous. Ticktin consistently argued that perestroika would fail. In his view the USSR was and remained inherently Stalinist. It might lurch back and forth between reformist and reactionary leadership factions but, the system could not evolve, nor could it be restructured. Ultimately, it could only disintegrate, and when it did, the workers would hold the balance. This collection of essays offers a thorough sample of his views.

'For students approaching the issues for the first time, there is no better text to introduce them to the heart of the problem as perceived by socialists, as well as illustrating how a good debate can be organised and presented.' - Book Notes, Europe-Asia Studies