The Great Depression: Lessons for Socialists

[This is an edited version of a talk delivered at the World at a Crossroads Conference in Sydney, Easter 2009. It was organised by the Democratic Socialist Perspective and Resistance and sponsored by Green Left Weekly.]

It is widely recognised that the current global economic crisis is not a normal recession of the kind which characterises the capitalist business cycle — that is, it is not one of the periodic downturns which inevitably follow a boom period. Rather, it is a fundamental slump.

Not a normal recession but a fundamental slump

[Speech at the Melbourne launch of the pamphlet Meltdown! A Socialist View of the Capitalist Crisis (Resistance Books: Sydney, 2009); March 19, 2009]

Our pamphlet tries to briefly sketch for the reader some the main features of the current economic crisis and its main social and political consequences.

The first point to grasp is that this is a not a normal recession of the kind which characterises the capitalist business cycle — that is, it is not one of the periodic downturns which inevitably follow a boom period.

Nylex succumbs to 'oversupply' of water tanks

[Green Left Weekly, #785, February 28, 2009]

Victorian plastics manufacturer Nylex as been placed in the hands of receivers. Nylex is a well-known name — the company produces the iconic Esky, water tanks, wheelie garbage bins, hose and garden fittings, and interior trimmings for car manufacturers.