The credibility of the US will be damaged. The legitimacy of the market will weaken. Yet the combination of financial collapse with a huge recession, if not something worse, will surely change the world. It is impossible at such a turning point to know where we are going. Martin Wolf of the Financial Times wrote on March 8: There is growing apprehension about the future that awaits the capitalist system. The free-market nostrums that have been exalted as unchallengeable truths by politicians, media talking heads and many academic economists for nearly three decades have been discredited, intellectually and morally. It is acknowledged by serious bourgeois economists that the global economic crisis-the worst since the 1930s-has dealt a devastating blow to the international legitimacy of the capitalist system. David North, the national chairman of the Socialist Equality Party (US), spoke last week at San Diego State University (March 19) and University of California, Berkeley (March 22) on “The Capitalist Crisis and the Return of History.” We publish here and in PDF the notes upon which his lectures were based.ġ.
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