China is discovering that under capitalism, what goes up must come down. The impending collapse of property developer Evergrande, as it struggles with more than $300bn debts, is reminiscent of the subprime mortgage crisis. The Chinese government is facing the same dilemmas as the US over a decade ago, as it stares into the abyss of capitalist crisis.Continue reading Evergrande Crisis: Capitalism with Chinese characteristics
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!