The economic crisis
1. From the Far East to the heartlands of capitalism the brutal contradictions of the global crisis of overproduction have unfolded as the world economy has sunk into open recession since the summer of 1997. "The full extent of the financial crisis which began over a year ago in South-East Asia is beginning to emerge. It took a new plunge during the summer with the collapse of the Russian economy, and the unprecedented convulsione unprecedented convulsions of the 'emerging countries' of Latin America. But today, it is the developed countries of Europe and North America that are in the firing line, with the continual slide on their stock exchanges and the constant downward adjustments of their forecast growth. We have come a long way from the bourgeoisie's euphoria of a few months back expressed in the dizzy rise in western markets during the first half of 1998. Today, the same 'specialists' who had congratulated themselves on the 'good health' of the Anglo-Saxon countries, and who forecast a recovery for all the European countries, are the first to talk of recession, or even 'depression'. And they are right to be pessimistic. The clouds gathering over the most powerful economies are pregnant, not with some passing squall, but with a veritable tempest, an expression of the dead-end into which the capitalist economy has plunged" (IR 95, 'Economic disaster reaches capitalism's heart')