Every time economic crises develop they are described as aberrations in an otherwise rational and balanced system. Chris Harman looks at the roots and implications of the recent credit crunch, and explains why crises are in fact an intrinsic feature of capitalism.
"Investors are no longer worried whether certain banks have enough cash. They are worried about the risk of a US or even a global recession." So the Financial Times summed up the fear of those who live off capitalist profits on 18 January.
Mainstream economic commentators agree on one thing: the crisis that began in one section of the financial system last summer could be about to create chaos through much of the capitalist system which they support.