By Nick Beams:
The world economy 2013: Illusions and reality
8 January 2013
When the economic history of the recent period is written, it may well be that the year 2012 is regarded as having been almost as important as 2008.
The collapse of Lehman Brothers four-and-a-half years ago was the trigger that set in motion the breakdown of the global capitalist system. But the past year has made its own mark. It has seen the destruction of a series of fictions assiduously promoted by the spokesmen of the ruling elites in the wake of the onset of the global financial crisis.
First of all, it has exposed the claim that the world economy would somehow right itself through the operations of the business cycle, and that the “magic of the market” would come to the rescue. But well into the fifth year of the global breakdown, the…
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