Monday 18th July 2011
This declaration was agreed by a meeting of the European anticapitalist left, which took place in London on 11-12 June 2011.
The global economic crisis is now in its fourth year.
It is evidently not a ‘normal’ cyclical recession but a systemic crisis on a comparable scale to and with the same disruptive potential as the Great Depression of the 1930s. Like that earlier crisis, the present one is protracted and goes through different stages - credit crunch, financial crash, global slump, and now a ‘recovery’ marked by mass unemployment, intensified competition among the leading capitalist powers, and the sovereign debt crisis. There is room for discussion on the left about the precise causes of the crisis – are they to be traced to the tendency of the rate of profit to fall or are they restricted to the more specific problems generated by neoliberalism? – but it is ...