Skip navigation

Tag Archives: Mike Macnair

Capitalist Crisis


Fundamentals of Political Economy – Weekend School, January 21-22

11am-5pm. Room 2b, University of London Union, Malet Street, London.  
£10 waged, £5 concessions.

Lots of time for questions and debate! All welcome!


Labour theory of value – Moshe Machover

Political economy and the state – Werner Bonefeld

Money and finance – Hillel Ticktin

Against Keynesianism – Mike Macnair

In 2008 the banks crashed. States round the world bailed them out by borrowing money. Inevitably, this did not get rid of the crisis but rather gradually transmuted it into a crisis of the creditworthiness of individual states: today the crisis of Eurozone state creditworthiness threatens a new bank melt-down (which may already have happened by the time of this weekend school).

The ‘solution’ demanded by governments and the media is austerity. Creditors – ‘savers’ – must not be made to accept the losses: the working class, both in and out of paid work, must do so. Predictably, the result is an economic downward spiral – as seen in Greece, but coming now to the rest of Europe.

The ‘Occupy’ movement has represented a cry of rage but not put forward a clear alternative. The broad left, including the far left, has committed itself to Keynesian ideas – that states should borrow more and spend more and hope by doing so to grow ‘their way out’ of the crisis.

Understanding the unfolding crisis and proposing real alternatives requires us to grasp Karl Marx’s critique of political economy. But while education in the basics of Marx’s ideas was commonplace on the far left in the 1970s, today it has withered away: there are academics and theorists who ‘do’ political economy, while left activists and groups ‘do’ only campaigns.

The Weekend School aims in a small way to contribute to beginning to overcome this gap in the education of the left. We are therefore seeking to address fundamentals rather than to tackle the analysis of the crisis directly.

This conference has been organized by the CPGB/‘Weekly Worker’ but it’s wide range of speakers makes it very interesting to anyone who wants to understand capitalism’s present crisis.

Go here for the full timetable:


‘Cheerful Sin’ – a new song by Victor Rikowski:

Posted here by Glenn Rikowski

The Flow of Ideas:

Cold Hands & Quarter Moon:

The Ockress:


Glenn Rikowski on Facebook at: