Global Slump

McNally analyses the global financial crisis as the first systematic crisis of the neo-liberal stage of capitalism and argues that far from having ended, the crisis has ushered in a new period of worldwide economic and political turbulence. Taking crisis as a fundamental feature of capitalism, he challenges the common view that its source lies in financial deregulation. Whilst averting a complete meltdown, the intervention by central banks laid the basis for recurring crises for poor and working class people. McNally also traces the new patterns in anti-capitalist action.