The Credit Crunch: A Marxist Analysis
Turmoil in the banking system, rising prices, stock market jitters and recession looming… all of a sudden – after years of optimism – everyone is talking about a “crisis”.
But what caused the credit crunch? Some said lenders got “too greedy”. Others blamed the regulators. Yet more denied it was even happening.
Published in 2008 on the eve of the Great Recession, The Credit Crunch: A Marxist Analysis offers a radically different explanation.
Charting how the events unfolded, and drawing on Karl Marx’s theory of crisis, Richard Brenner and Michael Proebsting brilliantly demonstrated how the credit crunch was the early warning sign of the historic crisis of globalisation we are living through today.
Richard Brenner and Michael Proebsting; League for the Fifth International 2008; 146pp; £5.00 inc. P&P