[Marxism] Book on financial crisis by BBC Newsnight Economics Editor

Verso Mail versomail at verso.co.uk
Fri Apr 17 08:53:37 MDT 2009


The End of the Age of Greed


A new book by BBC Newsnight Economics Editor, PAUL MASON


Published 27th April, 2009




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In MELTDOWN, Mason takes us on a journey from the trading floors of the New York and London stock exchange, to the meeting rooms of HBOS and Lehman Brothers and the minds of senior government officials. Meltdown explores the roots of the US and UK's financial hubris, documenting the real-world causes and consequences, from the Ford factory, to Wall Street to the City of London. 


Gordon Brown hailed the result of deregulation as the 'golden age' of banking in the UK. Mason explains how deregulation is at the heart of the collapse of the banking system in September and October 2008 and how it led to expanded subprime mortgage lending, an uncontrollable derivatives market, and the lethal fusion of banking and insurance. 


>From the perils of uneven globalisation, the revolutionary effects of information technology, ties between big business and government, to the rise of the shadow banking system, Mason explores the complex web of factors that ushered in a new era of finance that is now poised to self-destruct. 

Mason argues that the combination of huge government debts and printing new money - though it alleviated the symptoms of the crisis - has the potential to make the disease afflicting capitalism chronic for a lifetime. He warns that the 2009 recession has the ability to cause further bank collapses, country-level debt defaults, stock market crashes and intensified recession. 


Both, a trenchant critique of neo-liberalism and a response to the immense challenge now facing the existing economic system, MELTDOWN provides a definitive account of the meltdown of September and October 2008 and outlines a new era of hyper regulated capitalism that could emerge from the wreckage.




PAUL MASON will be talking about the ongoing financial crisis at several venues in the UK. See below for details:


23rd April at the Frontline Club (London), for details visit http://frontlineclub.com/events/2009/04/insight-with-paul-mason-financial-meltdown-and-the-end-of-the-age-of-greed.html


27th April at the University of Sheffield (Sheffield), for details visit http://www.shef.ac.uk/union/student-voice/theexchange/


7th May at Stratford Circus (London), for details visit http://www.stratford-circus.com/events/literature/paulmason.htm


12th May at Southbank Centre (London), for details visit http://www.southbankcentre.co.uk/literature-spoken-word/productions/the-credit-crunch-45689




ISBN 9781844673964  /  £7.99  /  $14.95  /  Paperback Original /  192 pages


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