Global Capitalism in Crisis

Offering a Marxist analysis of the origins, implications and scope of the global capitalist crisis, based on a theoretical defence and empirical consideration of Karl Marx's law of the falling rate of profit, Smith makes a compelling case that capitalism has reached its historical limits. The current crisis needs to be understood as the inevitable outcome of capitalism's long-term dynamics, rather than as an aberration. The capitalist profit system has been living, quite literally, on borrowed time. For three decades, only the explosive growth of fictitious capital ,the emergence of a debt culture in the capitalist West and the increasing immiseration of working people throughout the world have kept at bay the spectre of a deep global depression.