Europe hit by economic slowdown

By MICHAEL SCHREIBER Below are portions of the World Political Situation Report, delivered by Michael Schreiber to the Socialist Action National Convention on Oct. 18. Capitalism’s offensive against the world’s working class—which gathered momentum as a consequence of the major economic recession that began in late 2007—continues unabated. Even in the major industrial nations, the…

The real roots of the U.S. economic crisis

By BRUCE PARDOLL I think that a comprehensive understanding of how the present U.S. economic crisis came about, and how things have considerably worsened not only since December 2007—when the Great Recession began—but also since 1974 (when wages for the working class began a steady downward slide) is greatly needed. Marxism is uniquely qualified to…

Capitalism damns the environment

By JEFF MACKLER Capitalism, the system—Chinese, American, or European style—has struck yet another devastating blow against all humanity. One of the world’s largest solar-panel manufacturing plants, employing 10,000 Chinese workers at the city of Wuxi on China’s east coast, has declared bankruptcy—a victim of its own “success” and capitalism’s inherent drive to destruction. The Wuxi…

Congress makes workers pay for crisis

By JEFF MACKLER In today’s era of U.S. and worldwide capitalist austerity, not a day or month passes when the corporate media do not inform us that the nation faces yet another economic crisis. From the deficit crisis, in which the U.S. budget falls short $1 trillion yearly; to the “fiscal cliff” crisis, wherein “across-the-board”…