Global Slump: The Economics and Politics of Crisis and Resistance

(Paperback)

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McNally analyses the global financial crisis as the first systematic crisis of the neo-liberal stage of capitalism and argues that far from having ended, the crisis has ushered in a new period of worldwide economic and political turbulence. Taking crisis as a fundamental feature of capitalism, he challenges the common view that its source lies in financial deregulation. Whilst averting a complete meltdown, the intervention by central banks laid the basis for recurring crises for poor and working class people. McNally also traces the new patterns in anti-capitalist action.

Reviews

"In this book, McNally confirms--once again--his standing as one of the world's leading Marxist scholars of capitalism. For a scholarly, in depth analysis of our current crisis that never loses sight of its political implications (for them and for us), expressed in a language that leaves no reader behind, there is simply no better place to go."
--Bertell Ollman, professor, Department of Politics, NYU, and author of Dance of the Dialectic: Steps in Marx's Method

"David McNally's tremendously timely book is packed with significant theoretical and practical insights, and offers actually-existing examples of what is to be done. Global Slump urgently details how changes in the capitalist space-economy over the past 25 years, especially in the forms that money takes, have expanded wide-scale vulnerabilities for all kinds of people, and how people fight back. In a word, the problem isn't neoliberalism-it's capitalism."
--Ruth Wilson Gilmore, University of Southern California and author of Golden Gulag

"Standard accounts of the present crisis blame the excesses of the financial sector, promising that all will be well when the proper financial regulations are in place. McNally's path breaking account goes far deeper. He documents in great detail how the roots of the crisis are found in the systematic failings of capitalism. At this moment in world history the case for a radical alternative to the capitalist global order needs to be made as forcefully as possible. No one has done this better than McNally."
--Tony Smith, professor of Philosophy, Iowa State University and author of Globalisation: A Systematic Marxian Account

Author Bio

David McNally is a professor of political science at York University, Toronto. He is the author of Against the Market, Another World is Possible, and Political Economy and the Rise of Capitalism. He lives in Toronto, Ontario.