In and Out of Crisis: The Global Financial Meltdown and Left Alternatives

by Greg Albo, Sam Gindin, Leo Panitch

In this groundbreaking study of the financial meltdown, renowned radical political economists lay bare the roots of the crisis in the inner logic of capitalism itself. Objective and detailed, this account provocatively challenges the call for a return to a largely mythical golden age of economic regulation as a check on finance capital. In addition, it deftly illuminates how the era of neoliberal free markets has been, in practice, under-girded by state intervention on a massive scale. Arguing for genuinely transformative alternatives to capitalism, and discussing how to build the collective capacity to realize these goals, this record is a critique of the crisis and an indispensable springboard for a renewed political left.

Genres: Economics, Nonfiction

144 pages, Paperback

First published January 1, 2010

Reviews

[Chris · Rating 5 out of 5]

This slim volume is an invaluable guide to the sources and effects of the recent economic crisis; a Marxist analysis of the role of the state in contemporary capitalism; a critique of progressive responses to the crisis that fail to properly understand the relationship between state and market; a diagnosis of the weaknesses of the labor movement and the left; and a prescription for left renewal in the years ahead. Anyone involved in progressive and left politics needs to read and discuss this book. It's an intellectual tonic.

[Dan Sharber · Rating 5 out of 5]

this is a fantastic little book! it could (and should) be read as a perspectives type document for the left. and it gets right what a lot of left perspectives got wrong - namely that the economic crisis that started in 2007 did not signal the end of neo liberalism. this singular mistake (which was made by a lot of people) lead to a lot of wrong conclusions and wrong ideas for what was possible after the election of obama. the book backs up the claim that neo liberalism didn't go away by explaining exactly what neoliberalism is and is not. and what gave rise to it in the first place. this is all superb and would be a fine book in and of itself. however this book goes further by discussing what this all means for the left and what sort of left politics we should be looking towards in this period. initially i was a little bummed about the lack of concrete prescriptions but i quickly realized that wasn't the point of the book - as the authors know there are no pithy solutions to proffer here. but importantly the main take aways are that we need something different. we need something that can revitalize the far left and socialist thought over all. they go on to list some general ideas that i find very compelling as building blocks of something new. first they talk about getting left wing ideas out there via whatever media possible. this is akin to the flourishing of radical journals in teh 60's anf the start of this can be seen right now in places like the jacobin and the newstatesman as well as other jounrals (like n+1) that have moved leftward recently. this is all good stuff. secondly there needs to be work done where the working class is at. this reminds me here locally in austin of the work that the workers defense project is doing. it's something people on the left should consider in some way. lastly they talk about a new pluralist poltiics for the left. here i am reminded of the system change not climate change eco-socialist group comprised of socialist activists from many different left groups. all of these are great starts and taken together could form the building blocks of a new politics. there were not a ton of answers here but i think that is appropriate. now more than ever we need to get the QUESTIONS right to have any chance of ever getting the answers right. great book!!

[James Tracy · Rating 4 out of 5]

Very clear, challenging and precise.

[Justin Taylor · Rating 4 out of 5]

Not really the easiest read, but not be fault of the author’s writing style or ability to clearly present their argument - it was a difficult read because now, twelve years later, they have been proved precisely correct on point after point.

[Abbey Volcano]

I love this book-- bought it after I saw Sasha Lilley present at the 2010 SF anarchist book fair.

[Jason Holt · Rating 5 out of 5]

I've read a ton of books on the formation of crises under capitalism, but this one is at the top of the pile. Highly recommended read!