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Tag Archives: Euro-Crisis

Costas Lapavitsas


Crisis in the Eurozone – A new book edited by Costas Lapavitsas

The renowned Research on Money and Finance (RMF) group present a searing critique of the neoliberal nature of the Eurozone and ruthlessly dissect the roots of the current financial turmoil and the European debt crisis. Lead author Costas Lapavitsas and his co-authors argue that European austerity is contradictory because it leads to recession, and worsens the burden of debt, further imperilling banks and the monetary union itself. The analysis suggests that impoverished states would be wise to quit the Euro and pursue debtor-led, sovereign and democratic default that would lead to deep cancellation of debt. The authors envisage a restructuring relying on the forces of organized labor and civil society, drawing on the theoretical tradition of political economy and heterodox economics, and treading a careful path between declining Europeanism and nascent nationalism. 

‘This book is indispensable for anyone trying to make sense of the European Union’s implosion.’ — Alex Callinicos, Professor of European Studies, King’s College London




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Karl Marx


The Euro Crisis and the Capitalist Crisis – a Marxist Approach

A Critique Journal talk and discussion with Hillel Ticktin

Saturday 10 December, 3pm, rm 3A, University of London Union (ULU), Malet Street


The present Euro crisis is insoluble because it is a microcosm of the general crisis, which itself has no solution…

The ruling class has used finance capital/imperialism, world wars, Cold War-welfare state and finance capital again as modes of survival. Finance capital has now imploded, while the colonies are now politically if not economically independent, the Cold War is over and world war is no longer possible. The return to the welfare state without the Cold War and Stalinism would only be the first step to loss of control, as became evident in the 1970s…

There is no strategy available to the capitalist class which has any kind of realistic chance of success, other than going for the growth of productive industry, but the bourgeoisie is afraid that this will produce a return to the 1970s, with a powerful working class demanding concessions, and ultimately the supersession of the system…

Perhaps the greatest triumph of the Keynesians since the adoption of Bretton-Woods has been the recognition that their policies would work, but are so dangerous to capitalism itself that they have to be avoided at all costs…

It is almost as if the ruling class has decided to commit suicide. It is going for an economic policy which is at best utopian and at worst catastrophic. Austerity for the vast majority and increasing riches for the ruling class is only a viable policy under conditions where there is absolutely no challenge to the system…

No level of state repression, under the British prime minister’s name of ‘tough love’, against a recalcitrant population will alter the growing, though inchoate, demand for ‘regime change’ under conditions of growing inequality. The question is not whether there will be a powerful movement for the replacement of the market by a society rationally planned in the interests of the ordinary population, but how much longer it will take to develop. Marx’s spectre of communism is very much the ghostly presence feared by the wealthy and powerful, even if they do not understand what shape it will take.

Extracts from Critique’s December editorial (republished online in Weekly Worker no.892).

Other articles are available via Hillel Ticktin’s Wikipedia page.


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Capitalist Crisis


A conference sponsored by Routledge

Call for Papers

Crisis of Capital, Crisis of Theory is the first in a series of student-organized conferences on heterodox political economy, seeking to develop new ways of understanding capitalism and power.

The conference, to be held Oct. 29 to 31 at York, will have a dual theme: to investigate the global financial crisis and to use the crisis to probe alternative theoretical frameworks in political economy.

Recent events have given political economists plenty to talk about: the bursting of the real estate “bubble”, the bailout of Wall Street, the collapse of global exports and more. Not only were most theorists unable to foresee the crisis and adequately explain its particularities and implications, they continue to employ concepts and categories that ha ve long-since been challenged.

The conference organizers believe there is great need for new ideas, concepts and analyses, and welcome both panels and individual papers. Abstracts of no more than 250 words should be sent to by June 30.



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The Institute for Critical Theory, Duke University, presents a day long conference

Eurocentrism or Euro-Crisis?

With special guest Perry Anderson and:

Alan Cafruny, Hamilton College
Anne Garetta, Duke University
Michael Hardt, Duke University
Martin Jay, U. C. Berkeley
Fredric Jameson, Duke University
Roberto Dainotto, Duke University
Philippe Lancon, Visiting Professor Duke University
Federico Luisetti, UNC Chapel Hill
Giovanni Zanalda, Duke University
Firat Oruc, Duke University

Further information at

Saturday, March 27, 115 Friedl Building
Morning panel 10:00 am
Afternoon panel resumes at 2:30

Coffee/lunch provided

Co-sponsored by the Franklin Institute for the Humanities

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