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  5. Bonfire of Illusions: The Twin Crises of the Liberal World – By Alex Callinicos

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Harry Potter. Popular Features. New Releases. Description Something dramatic happened in the late summer and autumn of The post-Cold War world came to an abrupt end.

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This was the result of two conjoined crises. First, in its brief war with Georgia in August , Russia asserted its military power to halt the expansion of NATO to its very borders. This precipitated a severe financial crash and helped to push the world economy into the worst slump since the s. Both crises marked a severe setback for the global power of the United States, which had driven NATO expansion and forced through the liberalization of financial markets. More broadly they challenged the consensus that had reigned since the collapse of the Soviet bloc in that a US-orchestrated liberal capitalist order could offer the world peace and prosperity.

EconPapers: Bonfire of Illusions: The Twin Crises of the Liberal World – By Alex Callinicos

Already badly damaged by the Iraq debacle, this consensus has now suffered potentially fatal blows. In Bonfire of Illusions Alex Callinicos explores these twin crises. He traces the credit crunch that developed in to a much more protracted crisis of overaccumulation and profitability that has gripped global capitalism since the late s. He also confronts the interaction between economic and geopolitical events, highlighting the new assertiveness of nation-states and analysing the tense, complex relationship of interdependence and conflict that binds together the US and China.

Finally, in response to the revelation that the market is not the solution to the world's problems, Callinicos reviews the prospects for alternatives to capitalism.

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Back cover copy Something dramatic happened in the late summer and autumn of Review Text "A superb book which exhibits engaging though authoritative scholarship of a kind which is sadly too rare. The book is broken up in to two sections; Finance Humbled, and Empire Confined. The authors draws on Hayek, Mynsky, Marx and Harvey for his varied analysis and criticisms for the economic situation.


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The direct relations between the capitalist system and nation state sponsors are laid bare. The shock of seeing what most economists thought was The System to live by fall to pieces has held everyone in a state of paralysis. The fact is that the flaws in capitalism have always been there, and this cycle of bubbles and their bursting will continue as long as we continue to worship an economics and a politics that denies humanity its philosophical grounding in social justice.

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While money remains more important or even as important as people we will continue to see that same commodity destroy the world. The conclusion demands a change in the system in response to the crisis in the liberal world.

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He agrees with democratic planning of economies in a nod towards Keynesianism, while focusing on a decentralising of power. He stops short of advocating outright anarchism such as that espoused by Hardt and Negri. Overall this is a good example of how a grounding in basic Marxist economic thinking is relevant in the economics zeitgeist today. Nov 28, Andrew rated it really liked it Shelves: philosophy. You better be ready for a torrent for references.

Bonfire of Illusions: The Twin Crises of the Liberal World – By Alex Callinicos

There's a very journalistic style to this book--very straight to the facts and sources--but when he speaks for himself he's clear and makes use of the facts at hand. A rather perfect name for a title. Jan 01, Andrew rated it liked it. The problem with reading historical events as the world crisis of liberal capitalism is that a few years later, Russia is in the doldrums and the American economy is on the up.

That's not to say that Callinicos is wrong.


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He's probably right that the US is on a slow descent out of hegemony. But I doubt it's going to lead to the sort of wholesale implosion Callinicos seems to be hoping for. Robert Williamson rated it it was ok Mar 26, Paul rated it really liked it Nov 15, David Benbow rated it really liked it Oct 04, Sudarshan rated it it was ok Jan 29, Dictionaryhound rated it it was amazing Sep 22, Jonny rated it really liked it Dec 29, Maina rated it liked it Feb 19, Parisa Nasrabadi rated it liked it Oct 30, Jake rated it really liked it Sep 10, Ravi rated it liked it Oct 09, Alice Mennie rated it it was amazing Oct 12, Max rated it really liked it Apr 18, Amy Claire rated it liked it Oct 12, Sebouh Akharjalian rated it liked it Aug 21, Craig Hodges rated it liked it May 31, Umer Raza rated it really liked it Sep 12, Dan rated it liked it Jan 25, David rated it it was amazing Apr 08, Middlethought rated it it was amazing Aug 06, Mike Soron rated it really liked it Sep 10, Alena rated it liked it Nov 20, Mat Davies rated it really liked it Mar 28, Snehal rated it really liked it May 15, Daniel rated it really liked it Mar 18, Tim Goodacre rated it really liked it Dec 17, Todd Wiebe rated it liked it Sep 16, Drew Trahms rated it liked it Jan 08, There are no discussion topics on this book yet.

About Alex Callinicos.