World Economy
Alcoa lays off 15,000, US economy moves toward depression
By Tom Eley, January 7, 2009
As layoffs mount, including 15,000 by aluminum maker Alcoa, new economic data indicate the US will not quickly rebound from the crash of 2008.
Latvia bailed out by IMF and European Union
By Niall Green, January 7, 2009
On December 23 the International Monetary Fund approved a €1.68 billion (US$2.35 billion) rescue loan for the ex-Soviet republic of Latvia, as part of a €7.5 billion (US$10.5 billion) bailout.
US and global manufacturing collapsing
By Joe Kishore, January 3, 2009
Manufacturing in the US is collapsing, with a key index falling to its lowest level in 20 years on Friday. Other figures released yesterday show a downturn in production throughout the world.
Year-end data shows deeper slump in US
By Barry Grey, December 31, 2008
Data released Tuesday on US consumer confidence, home prices and holiday retail sales all point to an acceleration and deepening of what is broadly acknowledged to be the worst recession since the Gre...
US: Christmas marked by declining sales as unemployment climbs
IMF economist warns of “Great Depression”
By Joe Kishore, December 27, 2008
US sales figures confirm a bleak holiday shopping season, as broad sections of the population have been hit by a deepening economic recession. As the world enters the New Year, the Great Crash of 2008...
Toyota losses highlight global auto collapse
By Peter Symonds, December 24, 2008
Toyota’s announcement of a projected operating loss for the current financial year—its first in more than half a century—has sent shockwaves through the auto industry internationally.
Australian bank fiasco—a warning of “tougher times” ahead
By Mike Head, December 24, 2008
A capital-raising debacle involving one of the country’s “big four” banks, the former government-owned Commonwealth Bank of Australia, has underscored the fragility of the entire banking and fin...
A lecture by Nick Beams
The World Economic Crisis: A Marxist Analysis
Part 5
By Nick Beams, December 24, 2008
The following is the final part of a lecture delivered by Nick Beams, national secretary of the Socialist Equality Party (Australia) and a member of the International Editorial Board of the World Soci...
A lecture by Nick Beams
The World Economic Crisis: A Marxist Analysis—Part 4
By Nick Beams, December 23, 2008
The following is Part 4 of a lecture delivered by Nick Beams, national secretary of the Socialist Equality Party (Australia) and a member of the International Editorial Board of the World Socialist We...
Pay cuts, layoffs mount in US
By Tom Eley, December 23, 2008
The US government loans to the auto industry are being used as a spearhead for broader attacks on the working class throughout the country. This attack has already begun, with numerous companies recen...
A lecture by Nick Beams
The World Economic Crisis: A Marxist Analysis—Part 3
By Nick Beams, December 22, 2008
Published today is the third part of a lecture delivered by Nick Beams, national secretary of the Socialist Equality Party (Australia) and a member of the International Editorial Board of the World So...
Lecture by Nick Beams
The World Economic Crisis: A Marxist Analysis
Part 2
By Nick Beams, December 20, 2008
The following is the second part of a lecture delivered by Nick Beams, national secretary of the Socialist Equality Party (Australia) and a member of the International Editorial Board of the World Soc...
