By Alex Callinicos
either crises marked a critical setback for the worldwide energy of the us, which had pushed NATO enlargement and compelled in the course of 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 well provide the realm peace and prosperity. Already badly broken by means of the Iraq debacle, this consensus has now suffered in all likelihood deadly blows.
In Bonfire of Illusions Alex Callinicos explores those dual crises. He strains the credits crunch that constructed in 2007-8 to a way more protracted obstacle of overaccumulation and profitability that has gripped worldwide capitalism because the past due Sixties. He additionally confronts the interplay among monetary and geopolitical occasions, highlighting the hot assertiveness of geographical regions and analysing the stressful, complicated courting of interdependence and clash that binds jointly the USA and China. ultimately, based on the revelation that the industry isn't the technique to the world's difficulties, Callinicos stories the clients for possible choices to capitalism.
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Bonfire of Illusions: The Twin Crises of the Liberal World by Alex Callinicos