By Alex Callinicos

anything dramatic occurred within the past due summer time and autumn of 2008. The post-Cold conflict global got here to an abrupt finish. This was once the results of conjoined crises. First, in its short conflict with Georgia in August 2008, Russia asserted its army strength to halt the growth of NATO to its very borders. Secondly, on 15 September 2008 the Wall highway funding financial institution Lehman Brothers collapsed. This brought about a critical monetary crash and helped to push the area economic climate into the worst droop because the Nineteen Thirties.

either crises marked a critical setback for the worldwide strength of the USA, which had pushed NATO growth and compelled throughout the liberalization of monetary markets. extra widely they challenged the consensus that had reigned because the cave in of the Soviet bloc in 1989 US-orchestrated liberal capitalist order may provide the realm peace and prosperity. Already badly broken by way of the Iraq debacle, this consensus has now suffered almost certainly deadly blows.

In Bonfire of Illusions Alex Callinicos explores those dual crises. He strains the credits crunch that built in 2007-8 to a way more protracted obstacle of overaccumulation and profitability that has gripped worldwide capitalism because the overdue Sixties. He additionally confronts the interplay among financial and geopolitical occasions, highlighting the recent assertiveness of geographical regions and analysing the annoying, complicated dating of interdependence and clash that binds jointly the U.S. and China. ultimately, in accordance with the revelation that the industry isn't the option to the world's difficulties, Callinicos stories the clients for possible choices to capitalism.

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