A revealing new Credit Suisse report has exposed how in 2020 the ‘millionaire club’ grew dramatically, despite capitalism being on life support, as wealth inequality rose massively. The USA saw the creation of 1.73 million new millionaires; Germany, 633,000, and Australia over 300,000.Continue reading 2020 Was a Great Year for Millionaires
On 11 May, the Victoria Biscuit Works, a biscuit factory in Tollcross in the east end of Glasgow, was earmarked for closure by its owners Pladis. This is a move which puts the jobs, and livelihoods, of hundreds of workers under threat, and represents a flagrant attack upon the working people of Glasgow by the capitalist class.Continue reading McVitie’s Factory Fights Closure — Demand Nationalisation Now!
The inaction of the Giuseppe Conte government in the face of the deepest economic, political and social crisis in Italy since the Second World War had become unbearable for big business. That explains why the figure of Mario Draghi has come to the rescue. It is clear, however, that this bourgeois technocrat has no solutions for the problems facing the Italian workers.Continue reading Italy: A New Chapter in the Crisis of the System
One year ago, on 12 December, the Tory Party won a shock landslide victory in the 2019 general election. Promising to ‘Get Brexit Done’, Boris Johnson and the Tories secured 43.6% of the vote, providing them with an 80 seat majority in Parliament.Continue reading One Year after the Election: Boris’ Government of Crisis
A string of bond defaults by hitherto top–rated Chinese state owned companies in November has cast a shadow over China’s relatively firm economic recovery from the downturn set off by the COVID–19 pandemic. This shows that the Chinese state is fundamentally unable to avoid the organic crisis of the capitalist system.Continue reading China: SOE bond defaults show turbulent days ahead
Even the strategists of the ruling class are warning of an apocalyptic scenario for British capitalism, as the pandemic, Brexit, and economic chaos combine to create a perfect storm. We are entering a period of revolutionary convulsions.Continue reading British Capitalism’s ‘systemic crisis’: social explosion brewing
The world is breathing a collective sigh of relief at news that a viable vaccine may be in sight. With this comes the prospect of an end to the pandemic and a return to normality.Continue reading Will there be a post-COVID economic boom?
This document was passed by the leading body of the International Marxist Tendency following a discussion on 12-13 September 2020. It updates our perspectives on the explosive world situation.
We are living through a decisive turning point in history. At such times, it is natural to look for reference points or historical parallels. But nothing seems to really fit what we are experiencing.Continue reading A World On The Brink: Revolution Looming
There are no parallels to the current chaos wreaking havoc on society. This is no normal capitalist crisis. Revolutionary developments are exploding to the surface across the world. We need a leadership that is up to the task.Continue reading A World Gripped in Crisis