A Comparison Between the Great Depression and the Global Crisis

The 1929 stock market crash and the subsequent ‘great depression’ was the biggest economic crisis that the world has experienced. The depth and length of the crisis and the suffering that it caused is legendary. Therefore when the global financial crisis struck in 2007, many rushed to proclaim that we were about to experience another depression on a similar scale, or at least what some have termed a ‘great recession’. This paper will compare and contrast the two economic crises to analyse the key similarities and differences between the two. To do this, the paper will firstly provide an outline of the conditions that led to the 1929 crash in the economy. Moving on from here the paper will then look at the policy responses that were implemented to tackle the crisis before analysing the conditions that precipitated the 2007 financial crisis and the policy responses, to draw out the similarities and differences of each of the crises, and to ascertain were any lessons learned during the current global crisis from the policies of the great depression era. Finally the  paper will conclude with a discussion of the main points raised by the analysis of both crises and a look at the future prospects for recovery.

The Enough Campaign And The ULA

The 'Enough' campaign's recent #IrishRevolution July16th protest demonstration drew a crowd of between 400 to 1000 people (depending on who you ask) onto the streets of Dublin's city centre. The event didn't quite live up to its billing, but was an energetic and encouraging demonstration nonetheless, by groups opposed to the EU / IMF deal, and other issue specific groups. The Enough campaign was initiated by the Socialist Workers Party (SWP) to try to create a broad opposition campaign against the EU / IMF deal, and to demand a referendum on that deal. Whilst this type of initiative is to be welcomed, I believe that its demands do not go far enough. I also believe that future campaigns ought to be initiated, developed and prepared for under the banner of the United Left Alliance (ULA). Unfortunately, the SWP don't agree with this, and prefer to push ahead with their own 'Enough' campaign.

This Is What Class War Looks Like

If you look up the definition of 'war' in the Oxford English Dictionary you will learn that it is "a state of armed conflict between different countries or different groups within a country." The famous military theoretician Carl Von Clausewitz notoriously described war as "the continuation of politics by other means." I have no doubt that at the forefront of Clausewitz’s mind was the form of war defined above by Oxford when he pronounced his aphorism, however I believe that his view of war can be just as perfectly applied to a form that does not include armed conflict, but instead relies on acts of economic aggression to achieve its aims. The war that I am speaking of is of course class war, and it is occurring all around us.

The Capitalist Way: Work Longer For Less

When I’m old and grey at 68, and my weary body can’t take any more of the working life, I will look back and curse the current Fine Gael / Labour government for having the shameless audacity to put me to work for three extra years before retirement.  The Social Welfare and Pensions Bill, 2011, was passed through the Dail on June 8^th by a massive 107  to 25 votes, in an instant doing away with years of hard fought struggle by the labour movement.  This bill will have huge repercussions for all workers, yet it hardly raised a whimper in the mainstream media.