David McNallys bog ‘Den globale krise’

Solidaritet

“Nyliberalismens fallit og den globale recession”. Anmeldelse af Anders Hadberg (nr.1, marts 2013, side 34-37). “McNally leverer afgørende bidrag til analysen af krisen og dens rødder i kapitalismen som system ved at genfortolke Marx’ kapitalisme-kritik i en ny tid. Bogens styrke ligger i syntesen mellem den generelle kriseteori og den konkrete historiske forklaring af den nuværende recession.” P.t. ikke online.

Historical Materialism

From financial crisis to world-slump: accumulation, financialisation, and the global slowdown (pdf). By David McNally (Vol.17, No.2, 2009, p.35-83; online at Internet Archive). “This paper assesses the current world economic crisis in terms of crucial transformations in global capitalism throughout the neoliberal period. It argues that intense social and spatial restructuring after the crises of 1973–82 produced a new wave of capitalist expansion (centred on East Asia) that began to exhaust itself in the late-1990s.”

Insurgent Notes

Marxism without Marx: Recent interpretations of the economic crisis. Review by Gary Roth (No.6, June 2012). “Paul Mattick’s, Business As Usual, and David McNally’s, Global Slump, follow through to varying degrees on Marx’s suggestion. Each author focuses on a single, primary aspect of Marx’s theory as a means to explain the current crisis.”

International Socialism

Once more (with feeling) on Marxist accounts of the crisis. Review by Joseph Choonara (No.132, Autumn 2011, p.157-174). “Global Slump has its share of positive aspects. It is an avowedly Marxist analysis … [and] the author identifies throughout with the oppressed and exploited. This is all commendable. However, I will focus on the theoretical core of McNally’s book, which is composed of arguments that are flawed and inconsistent, backed up by evidence that is weak or at times simply wrong.”

Explaining the crisis or heresy hunting? A response to Joseph Choonara. By David McNally (No.134, Spring 2012, p177-190). “What is the point of treating readers of International Socialism to a ‘review’  that consists of multiple misrepresentations of key arguments, evasions of real issues, and attempts to discredit an author?”

A reply to David McNally. By Joseph Choonara (No.135, Summer 2012, p.167-178). “My issue with McNally’s book is not that his arguments are heretical; it is that some of them are wrong. Taking issue with his empirical claims was not, therefore, an exercise in nit-picking. My aim in doing so was to support my challenge to the overall thrust of his argument.” See also: Choonara, McNally and the US rate of profit (Michael Roberts Blog, May 14, 2012)

International Socialist Review

Recession and resistance. Review by John McDonald (Issue 78, July-August 2011). “David McNally’s [book] … presents an account of the financial collapse that is brilliantly accessible, even to those terrified by the thought of economic discussions … If you read only one book about the economic crisis, make it David McNally’s Global Slump.”

The mutating crisis of global capitalism. By David McNally (No.73, September-October 2010). “My argument to you, hence the title here, is that this is a mutating crisis. This is a crisis whose weak link keeps shifting, and as a result, we need to see it in all its dynamism – the way in which it keeps mutating and generating new kinds of illnesses within the system, so while it looks like the last one has been cured, in fact, all they’ve done is move the damage somewhere else.”

New Politics

Global Slump & the new normal. An interview with David McNally by Andrew Sernatinger and Tessa Echeverria (June 29, 2014). Part 2: Monsters and a critique of everyday Neoliberalism (July 4, 2014). “It’s been nearly seven years since the onset of the global economic crisis that began in 2007. In order to get an understanding of the crisis – of its origins, depth, and trajectory, we spoke with David McNally, activist and political economist.”

New Socialist

The continuing global slump. By David McNally (24 November 2012). Afterword to the Danish translation of the author’s book Global Slump. In Danish: Årets bedste krisebog (Shegn.blogspot.dk, 23. december 2012).

A crucial book. Review by Charlie Post (30 January 2011). “David McNally’s offers a Marxian analysis of the current crisis that is neither an academic tract or, as he puts it ‘The Crisis for Dummies’. This book is both useful for people familiar with Marxian economics and accessible for those new to theoretical discussions.”

Socialist Register

Slump, austerity and resistance (pdf). By David McNally (2012, p.36-63; online at Michael Roberts Blog). “… this article explores the economic dynamics of the Great Recession, the bailout, and the abnormal ‘recovery’ that followed. It argues that while the recapitalization of banks did stop the financial collapse, monetary policy (‘quantitative easing’) can no more generate sustained growth today than it has in Japan over the past 15 years. As a result, we can expect a prolonged period of austerity, of food crises in the Global South, and of attacks on public services and working classes – all of which raise key political challenges for the Left.”

Socialist Review

Review by Simon Englert (Issue 358, May 2011). “In this short and powerful account of the current crisis of capitalism David McNally achieves a couple of things in a surprisingly short space … He places the Marxist ideas of overproduction and the falling rate of profit at the centre of understanding and fighting capitalism. So it is surprising that his understanding of the era of neoliberalism is so odd.”

Socialist Studies

To interpret the world and to change it (pdf) (Vol.7, No.1-2, Fall 2011, p.1-36). “A lengthy interview with David McNally about his intellectual and political biography.”

SocialistWorker.org

Capitalism’s global slump. Review by Asley Smith (March 7, 2011). “McNally’s argument is an important correction to Robert Brenner, Alex Callinicos and the late Chris Harman, who have claimed that the world economy has suffered a long downturn since the 1970s … McNally has written an invaluable book for a new generation of radicals and Marxists looking to understand the system, why it doesn’t work and how we can transform it. Everyone should buy, read, and discuss this book as part of rebuilding a fighting socialist left around the world today.”

Solidarity & Workers’ Liberty

The long slump and the global working class. Review by Paul Hampton (No.248, 6 June 2012). “David McNally’s book provides one of the most panoramic and provocative accounts with many insights … McNally dissents from the views of many on the revolutionary left, ranging from the SWP in Britain to Robert Brenner, Andrew Kliman and Monthly Review in the US, who see the last forty years as one of uninterrupted crisis or ‘long downturn’.”

See also:

Marxist Books on the Global Financial Crisis and Capitalism (Socialistisk Bibliotek). Linkbox with selection of contemporary Marxist books in English. With reviews, debate and interviews.