As the worst economic crisis since the 1929 crash rips through the world's markets, Alex Callinicos analyses the factors driving ever greater political instabilities across the globe
The world took a big step into even greater economic and geopolitical instability in the summer and early autumn of 2008. The credit crunch that started when the financial markets froze up in August 2007 shows every sign of becoming a global economic crisis. And the drive by the US to shore up its position as the hegemonic capitalist state has precipitated a potentially very dangerous confrontation with Moscow after the brief war between Russia and Georgia in August. Never has there been a greater need for a powerful anti-capitalist and anti-imperialist left.