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Description

The Crash of International Finance-Capital and its Implications for the Third World was first published in 1989 in response to the financial crisis of 1987. Professor Nabudere's analysis of the causes of that crisis has extraordinary parallels with the contemporary financial and economic meltdown that has caused panic in the West and devastated the lives of millions in the Third World. Nabudere traces the historical evolution of money and finance-capital and demonstrates the inevitability of periodic crashes of finance-capital. Although the first edition was published before the collapse of the Soviet Union, the analysis of the causes of the periodic crisis of capitalism is as relevant today as it was 20 years ago. In this second edition, Professor Nabudere provides an updated analysis of the crash of international finance-capital of 2007-08 and draws out the likely implications for the Third World, a perspective that has received little attention elsewhere. This book is a damning critique of a system that has paid trillions of dollars to bail out international banks and financial institutions, the very institutions that were responsible tor creating the crash, while the rest of humanity - especially the majority in the Third World - suffers its devastating consequences. Capitalism, Nabudere argues, has lost all moral and ethical claims to be a means for progress; it is, he believes, an indefensible system.