Preface and Acknowledgements ix
Introduction: How the World Changed in 2008 1
1 Finance Humbled 20
What is fi nancialization? 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
"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."
"A powerful critique; a serious engagement with a crucial contemporary debate."
Political Studies Review
"An important book for anybody wanting an introduction to how Marxist political economy can help to understand the times in which we live."
Marx and Philosophy
"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
• Callinicos provides a clear analysis of the economic crash of 2007-8 and traces its origins back to the late 1960s.
• This is an authoritative account of global capitalism over recent decades, written in an accessible style.
• This topical text will appeal to all students of economics and politics.