Bonfire of Illusions

Something dramatic happened in the late summer and autumn of 2008. The post-Cold War world came to an abrupt end. This was the result of two conjoined crises. First, in its brief war with Georgia in August 2008, Russia asserted its military power to halt the expansion of NATO to its very borders. Secondly, on 15 September 2008 the Wall Street investment bank Lehman Brothers collapsed. This precipitated a severe financial crash and helped to push the world economy into the worst slump since the 1930s. Both crises marked a severe setback for the global power of the United States, which had driven NATO expansion and forced through the liberalization of financial markets. More broadly they challenged the consensus that had reigned since the collapse of the Soviet bloc in 1989 that a US-orchestrated liberal capitalist order could offer the world peace and prosperity. Already badly damaged by the Iraq debacle, this consensus has now suffered potentially fatal blows. In Bonfire of Illusions Alex Callinicos explores these twin crises. He traces the credit crunch that developed in 2007-8 to a much more protracted crisis of overaccumulation and profitability that has gripped global capitalism since the late 1960s. He also confronts the interaction between economic and geopolitical events, highlighting the new assertiveness of nation-states and analysing the tense, complex relationship of interdependence and conflict that binds together the US and China. Finally, in response to the revelation that the market is not the solution to the world's problems, Callinicos reviews the prospects for alternatives to capitalism.

ISBN 0745648762   Pages 144 ISBN13 9780745648767 (What's this?)   Weight (grammes) 260 Publisher John Wiley and Sons Ltd   Published in Oxford Imprint Polity Press   Height (mm) 215 Format Paperback   Width (mm) 139 Publication date 19 Mar 2010   Spine width (mm) 15 DEWEY 330.9051   Academic level Postgraduate, Undergraduate DEWEY edition DC22

		Preface and Acknowledgements
		Introduction: How the World Changed in 2008		1
1		Finance Humbled		20
		What is financialization?		23
		Three perspectives on financial crises		34
		More than just a financial crisis		50
		Dilemmas of recovery		83
2		Empire Confined		95
		The state roars back		95
		Collision of empires		106
		Orchestrating disharmony		121
		Conclusion: Regime Change or System Change?		127
		The end of neoliberalism?		127
		State, market and planning		134
		Notes		144
		Index		169

"As one would expect from Callinicos, this book is forensic in its detail and is a useful tool in the armoury of anyone who wishes to see beyond the platitudes of the yellow press." Morning Star "The crisis of 2007-9 is an event of historic importance that has affected economy, society and politics. Callinicos analyses its causes within the broader development of capitalism in recent decades. Particularly relevant is his stress on financialisation as well as the implications he draws regarding the balance of imperial power across the world. Written with the author's customary skill, this is a welcome contribution from the left to the public debate." Costas Lapavitsas, SOAS, University of London

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