Global Slump

"David McNally's tremendously timely book is packed with significant theoretical and practical insights, and offers actually existing examples of what is to be done. Global Slump urgently details how changes in the capitalist space-economy over the past 25 years, especially in the forms that money takes, have expanded wide-scale vulnerabilities for all kinds of people, and how people fight back. In a word, the problem isn't neoliberalism-it's capitalism."---Ruth Wilson Gilmore, Author of Golden Gulag: Prisons, Surplus, Crisis, and opposition in Globalizing California

Global Slump analyzes the world financial meltdown as the first systemic crisis of the neoliberal stage of capitalism. It argues that---far from having ended---the crisis has ushered in a whole period of worldwide economic and political turbulence. In developing an account of the crisis as rooted in fundamental features of capitalism, Global Slump challenges the view that its source lies in financial deregulation. It offers an original account of the "financialization" of the world economy and explores the connections between international financial markets and new forms of debt and dispossession, particularly in the Global South. The book shows that, while averting a complete meltdown, the massive intervention by central banks laid the basis for recurring crises for poor and working class people. It traces new patterns of social resistance for building an anticapitalist opposition to the damage that neoliberal capitalism is inflicting on the lives of millions.

"In this book, McNally confirms---once again---his standing as one of the world's leading Marxist scholars of capitalism. For a scholarly, in-depth analysis of our current crisis that never loses sight of its political implications (for them and for us), expressed in a language that leaves no reader behind, there is simply no better place to go."---Bertell Ollman, Professor, NYU, and Author of Dance of the Dialectic: Steps in Marx's Method