Wednesday, July 21, 2010

There was a meeting a few days ago at the bookshop to discuss the current financial crisis. It left me dissatisfied as no real insight was present on the dynamics that caused it and on the possible future trajectory as this latest crisis of capitalism plays itself out. An acquaintance of mine -- and a professor at my alma mater (King's College London) -- has written a new book, titled "Bonfire of Illusions: The Twin Crises of the Liberal World" (published by Polity Press), which goes into the dynamics of this financial crisis in a bit more depth. A review of the book can be found here. There seems to be a consensus among writers such as Callincos, Harvey, and J.B. Foster that a crisis of profitability in the mid - '70s led to the establishment of the neoliberal order -- an order with its own inherent contradictions, which have exploded over the last two years.

Mayday stocked Callinicos's earlier book, "Imperialism and Global Political Economy." So I daresay they will in the fullness of time stock "Bonfire of Illusions" as well.

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