[R-G] Market Meltdown: Capitalism and the Crisis of Neoliberalism
fentona at shaw.ca
Wed Oct 8 21:15:59 MDT 2008
Socialist Project forum series:
Capitalism and the Crisis of Neoliberalism
The current credit crisis rocking Wall Street may well be the largest
market failure within the history of capitalism. The crisis is
destabilizing the American economy, and also causing financial crises
across the capitalist world. It is now dragging the Canadian economy
into recession. The immediate trigger of the instability was problems
in housing markets. It spread from there into the massive speculative
derivative markets, and finally into a series of bankruptcies of
leading financial institutions. Washington is now proposing the
largest bailout of capitalist enterprises in history. Financialization
and the power of Wall Street have been two of the hallmarks of
neoliberal globalization. This crisis of neoliberalism raises pressing
political issues for the Left.
Greg Albo, Professor of Political Economy, York University.
Jim Stanford, Economist, Canadian Auto Workers.
David McNally, Professor of Political Science, York University.
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