A Marxist Analysis of the 2008 Economic Crisis
The crisis of 2008 was an expression of the dead end that world capitalism has reached. Riding high after the collapse of the Soviet Union nearly two decades prior, the capitalist class believed that their system had proven itself invincible. But in the wake of 2008, their illusions were thoroughly smashed.
In this talk we will explore how crises are endemic to capitalism and how, through attempting to manage the crisis, the ruling class sets the stage for deeper crises down the road. Far from an anomaly, the “financial crash” and subsequent “credit crunch” of 2008 were the result of the fundamental capitalist crisis of overproduction.
With the current investment and stock market bubble around AI, communists must be clear about the nature of these crises. We must explain that the only way out is to do away with the anarchy of production and implement a planned economy under workers control.
This discussion will be introduced by Chase Birkeland, a leading member of the RCA in Los Angeles.
Reading list:
Articles
- Why Does Capitalism Go Into Crisis? – Nigel Warren
- The Crisis of Capitalism and the Tasks of Marxists – RCI
- 2008 – 2018: Capitalism’s Lost Decade – Rob Sewell
- The anarchic AI race: boom, bubble, and bust – Adam Booth
Videos
- Inside Job (documentary)
- The Big Short (movie)
