By Alex Callinicos
Whatever dramatic occurred within the past due summer time and autumn of 2008. The post-Cold battle global got here to an abrupt finish. This used to be the results of conjoined crises. First, in its short battle with Georgia in August 2008, Russia asserted its army energy 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 on a critical monetary crash and helped to push the realm economic system into the worst stoop because the Thirties.
either crises marked a serious setback for the worldwide energy of the USA, which had pushed NATO enlargement and compelled in the course of the liberalization of economic markets. extra largely they challenged the consensus that had reigned because the cave in of the Soviet bloc in 1989 US-orchestrated liberal capitalist order may possibly provide the realm peace and prosperity. Already badly broken by means of the Iraq debacle, this consensus has now suffered very likely 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 concern of overaccumulation and profitability that has gripped international capitalism because the past due Nineteen Sixties. He additionally confronts the interplay among monetary and geopolitical occasions, highlighting the hot assertiveness of realms and analysing the annoying, advanced courting of interdependence and clash that binds jointly the united states and China. eventually, in keeping with the revelation that the marketplace isn't the approach to the world's difficulties, Callinicos experiences the clients for possible choices to capitalism.