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World Socialist Web Site Online Pamphlet Series
wsws.org
 A lecture by Nick Beams
The World EconomicCrisis: A Marxist Analysis
 
Copyright © 1998-2009World Socialist Web SiteAll rights reserved
 A lecture by Nick BeamsThe World Economic Crisis: A Marxist Analysis
 
was rst published on the
World Socialist Web Site
 
in ve parts on 19, 20, 22, 23, 24 December 2009
 
 A lecture by Nick Beams
The World Economic Crisis:A Marxist Analysis
By Nick Beams
 
19 December 2008
The following is a lecture delivered by Nick Beams, national secretaryof the Socialist Equality Party (Australia) and a member of the Interna-tional Editorial Board of the World Socialist Web Site, to audiences in Perth, Melbourne and Sydney in November and December, 2008.
It is now clear that the greatest nancial crisis since the Great Depres
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sion is on the verge of becoming the deepest global slump since theeconomic catastrophe of the 1930s. We could spend the entire timeavailable for this lecture simply enumerating the myriad expressions of this crisis and examining their far-reaching implications. I propose hereto deal only with some of the most signicant.On November 24, Bloomberg News reported that after the $306 billion bailout of the US bank Citigroup, organised at midnight the previousday, the US government had now committed itself to providing morethan $7.76 trillion to the nancial institutions and banks. This amountwas the equivalent of half the American gross domestic product (GDP),or $24,000 for every man, woman and child in the US.
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