The Financial Crisis and the Auto Sector

The crisis in the auto industry is now affecting nearly every country. Demand for vehicles has fallen sharply all over the globe, with sales reaching lows not seen for three decades. If the main auto manufacturing companies go under, there will be millions of jobs lost and a massive blow to the rest of the economy, which would have a disastrous effect on the living conditions of millions of workers around the globe. Ordinary people all around the world are seriously questioning what is going on. What is happening? How can we save our jobs and our communities?

The crisis of world capitalism is gathering speed

The crisis of world capitalism is unfolding relentlessly and with gathering speed. First came the financial crisis (the so-called credit crunch), but now the second phase has begun - the crisis of the real economy - and it is accelerating as each day goes by. This is leading to sharp changes in consciousness, rising working class militancy and the beginnings of polarisation within the labour movement itself.

Canadian workers bear the pain of the global financial crisis

As we predicted, the global economic crisis has hit Canada. For months, finance ministers and bankers have tried to reassure Canadians that the housing bubble, the credit crisis, and sub-prime mortgages were all foreign problems that could not apply to Canada. Every day they are being proved wrong. Working class leaders need to be calling for the nationalization of industry and the banks under workers’ control as the only solution to the financial mess.

Markets routed in global sell-off – “It’s every man for himself!”

In the words of Alan Greenspan, “The crisis will mean a return to the ideological struggle between socialism and capitalism. Many of us thought that struggle was over with the collapse of the command economies, but this is not the case.” Reality is indeed coming home with a bang!

World Capitalism in Crisis

We live in exceptional times. The financial panic in the USA is creating waves that are threatening to engulf the whole world. This is rapidly transforming the consciousness of millions. Alan Woods looks at how the world economy reached the stage it has, where it is on the brink of a serious downward, so serious that it could be as worse if not worse than 1929.

Canada’s Rising Dollar: The Hidden Cost

The Canadian dollar is now on par with the American dollar for the first time in over 30 years. Judging from the media, it would seem like every Canadian has somehow magically become richer overnight and it is now time to do some big spending. But before you start throwing around your strong Canadian currency, take some time to ponder about how the strengthening of the dollar is really affecting things.

Marx was Right! Statistics show that the harder you work, the less you get.

The Canadian Centre for Policy Alternatives recently released a study showing irrefutably that real wages for Canadian workers, which take inflation into account, have been frozen since the late 1970's. However, over that same time the economy has grown by 72% and Canadian workers have been working harder and smarter and have managed to raise productivity by 51%. These statistics show that the harder Canadian workers work, the less they get, just as Marx predicted.

The AIDS Pandemic: A crisis that capitalism is unable to solve

Far from being a “gay man’s” disease, HIV/AIDS now infects 40 million people around the world, 45% of them women and 6% children.  The list of regions and populations most affected by AIDS reads like a list of the poorest and most disadvantaged populations.  How will we do away with HIV and AIDS? This is not an easy question, and there are no easy answers. These days, the pharmaceuticals are far more interested in treating profitable “diseases”.

Capitalism and the Environment

Global warming – the ‘population time bomb’ – nuclear energy – pollution – environmental issues are always in the news. There is even a party – the Green Party – that claims to put the environment at the centre of its concerns. The Green Party claims to be neither right wing nor left wing as, they say, environmental issues transcend the traditional issues of class and the division between rich and poor that define conventional political discussions and divisions.

It's good to be a capitalist -- or is it?

An astonishing article appeared in the Financial Times on Saturday 29th July. Written by Philip Coggan, a senior staff writer on the newspaper, it opened with brutal honesty by saying "it has been a great time to be a capitalist. All around the world, profits have been rising as a percentage of GDP". The author goes on to give examples showing how in Europe, the United States, and also now in Japan, profits are at record levels.