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Global Slump: The Economics and Politics of Crisis and Resistance (Spectre) Paperback – December 9, 2010

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Editorial Reviews

Review

“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, department of politics, New York University, author, Dance of the Dialectic


“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.”  —Ruth Wilson Gilmore, author, Golden Gulag

About the Author

David McNally is a professor of political science at York University, Toronto. He is the author of Against the Market, Another World is Possible, and Political Economy and the Rise of Capitalism. He lives in Toronto, Ontario.
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Product Details

  • Series: Spectre
  • Paperback: 176 pages
  • Publisher: PM Press (December 9, 2010)
  • Language: English
  • ISBN-10: 9781604863321
  • ISBN-13: 978-1604863321
  • ASIN: 1604863323
  • Product Dimensions: 5 x 0.6 x 8 inches
  • Shipping Weight: 8.8 ounces (View shipping rates and policies)
  • Average Customer Review: 4.8 out of 5 stars  See all reviews (5 customer reviews)
  • Amazon Best Sellers Rank: #533,817 in Books (See Top 100 in Books)

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By Malvin VINE VOICE on April 24, 2011
Format: Paperback Verified Purchase
"Global Slump" by David McNally is an outstanding analysis of events leading up to and including the 2008 financial crisis and its aftermath. As a professor of political science with a keen understanding of economic theory and an activist who has fought on behalf of social justice, Dr. McNally's intent is to both educate and empower us. Concisely written with passion and intelligence, Dr. McNally shows us why the average citizen should reject the 'new normal' of austerity and demand a better way of life going forward.

Dr. McNally believes the 2008 crash exposed the falsehood of the self-correcting market theory which had heretofore been the guiding principle of neoliberalism. Although the powerful have variously blamed the problem on misguided government, rogue traders or gullible homeowners, Dr. McNally explains how the evisceration of $35 trillion in wealth was really the product of an inscrutably opaque market of derivatives trading built upon a hollowed-out economy: just the sort of speculative phenomenon that one might expect to occur during the late phase of the business cycle.

On that point, Dr. McNally displays a masterful command of Marxist economics to show how U.S. economic history evolved from the mid 20th century forward. Dr. McNally explains how capitalism's inherent destabilizing tendencies compelled the U.S. (like others before it) to squander its surplus wealth on empire building; however, the U.S.' failure to adequately reinvest in people and industry resulted in a loss of competitiveness and aggregate consumer purchasing power.
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Format: Paperback Verified Purchase
This book provides a clarity to the 2008 crisis like nothing else I've read. There's the preliminary thesis that there's no basis for saying the neoliberal era is one of sluggish performance, let alone some sort of prolonged crisis. And then the core thesis: the crisis itself was an avoidable mixture of over-accumulation & financial speculation. It began in 1971 by removing the dollar from the Bretton Woods gold standard. This caused massive instability in currency markets - so much so that investors sought "risk management" to "hedge" their losses (thus the subsequent formation of "hedge firms"). Currency trading eventually became an end in itself, and when it did so, other firms created "derivatives" & CDO's as a further way to hedge losses. As debt loads increased (as the working class sought to "hedge" themselves against stagnant wages & increases expenses), investors & banks eventually bet on everything - including the ability of people to be able to pay back the debt. And when the bubble burst - an inevitability that was nevertheless not seen by many mainstream economists - it then causes reverberating shocks throughout the financial world. This is obviously a brief Cliff Notes version which cannot do the book itself justice. You're simply well-recommended to check it out!
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David McNally has produced an immensely readable analysis of how the (neoliberal) global slump has impacted communities, and - importantly - how they have fought back. Instills optimism. . . the anti-capitalist struggle is on the rise, and communities are discovering their own power in the process of struggle. McNally provides a number of illuminating cases, from which activists across the globe can draw inspiration.
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One if two or three best books (among dozens) about the economic and political crisis. Especially good on the international dimensions.
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a difficult read but probably the best explanation/analysis of the financial crisis of 2008 I've found.
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