Last week, US President Donald Trump announced that under the rarely invoked International Emergency Economic Powers Act, the Chinese telecoms giant Huawei and seventy of its affiliated companies are set to be added to the ‘Entity List’. This effectively bans them from acquiring components and technology from American firms without...

In July 2018, tariffs were imposed on Chinese imports by President Trump’s government and there was immediate tit-for-tat retaliation by China. This has amounted to the biggest trade war since the 1930s and is increasingly taking its toll on the global economy. 

2018 marked ten years since the collapse of Lehman Brothers bank which plunged the world economy into the deepest economic recession since the 1930s. The financial virus spread quickly, causing production and trade to seize up. Only swift coordinated action by world capitalists and political leaders averted a 1930s-style depression.

All is not well with capitalism. Economic jitters parallel political volatility. Stock market highs in December turned to mass share sell-offs in February. Colossal personal and governmental debt stalks the system, limiting the capitalists’ room for manoeuvre. In reality, the global economy has not fully recovered from the 2007/08 crash.

The IMF in its latest prognosis praises what it sees as a stable growth of the world economy. Yes, there are some risks the IMF says, not least the political ones. But the crisis has been overcome, and a new and rosy period lies ahead. However, if you only look at the surface, that picture might seem true. In June, Fed-Chief Janet Yellen said...

The Daily Mail reacted with predictable hysteria when, in May 2017, John McDonnell stated: "You can't understand the capitalist system without reading Marx's Das Kapital." When asked to immediately condemn his shadow chancellor, Labour leader Jeremy Corbyn refused to do so and correctly added that Marx was "a great economist".

Committee for a workers' International publications


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