MAINSTREAM ECONOMICS has suffered a double blow in the last 30 years. First the post-war consensus that government intervention could offset recessions, formed around the work of John Maynard Keynes, was blown apart by the resurgent economic crises of the 1970s. But now the free market dogma which replaced Keynesian economics has proved equally incapable of either explaining capitalism's continuing instability or providing a strategy for overcoming it.
Chris Harman examines the failure of establishment economic thought and charts the dilemma with which it faces both Labour and Tory politicians. WILLIAM MORRIS'S centenary has proved that he is the socialist the middle classes would most like to loveif it wasn't for his politics. Hassan Mahamdallie looks at the historical and social background to Morris's life, the development of his socialism and at the revolutionary behind the artist.
RAYMOND WILLIAMS became one of the best known literary and political theorists in post-war Britain. Fred Inglis' recent biography of Williams has promoted debate about its subject and fate of the New Left. Chris Nineham adds his own assessment.
BOOK REVIEWS in this issue cover the widest possible field of interestfrom Paul Foot on William Blake and Alex Callinicos on Darwin, to Gill Hubbard on the history of feminism. The issue concludes with Lee Sustar's Bookwatch which highlights those periods when black and white workers have discovered class unity in the course of their struggles against American capitalism.