Issue 81 of INTERNATIONAL SOCIALISM JOURNAL Published Winter 1998 Copyright International Socialism

International Socialism

EDITORIAL

ECONOMIC DEPRESSION now threatens to engulf the globe, confounding those who even a few months ago were insisting that it would be confined to South East Asia. In the first article of our special issue devoted to the analysis of this crisis Alex Callinicos charts the spread of the economic crash from its origins in South East Asia, through the collapse of the Russian economy to the threat now posed to the advanced Western economies. He goes on to assess the prospects which the new situation opens up for the global stability of the system. He concludes with an overview of the strategies available both to our rulers and to the working class movement internationally.

RUSSIA'S CATASTROPHE is qualitatively worse than virtually anything previously suffered by an advanced industrial economy in peacetime. Any thoughts that this judgement might be considered an exaggeration will be banished by Mike Haynes and Pete Glatter's forensic dissection of the Russian crisis. They show in revealing detail just what havoc has been wrought on the Russian society by its integration with the world market and analyse the decomposition of the Russian ruling class just at the point where it thought that it had successfully negotiated the transition from state capitalism.

'THIRD WORLD development' is rapidly becoming a contradiction in terms, as Phil Marfleet's analysis of globalisation and the Third World demonstrates. He looks at the claims of the boosters of globalisation and compares them with the real development of the world economy, concluding that Marxism, far from being outmoded by the expansion of the world market, has had its usefulness vindicated.

BOOK REVIEWS include Lindsey German's warm welcome for Ross McKibbin's Class and Cultures: England 1918-1951, Judy Cox on a new collection of John Reed's revolutionary journalism and Kevin Ovenden's appreciation of Ian Kershaw's biography of Hitler.


Editor: John Rees. Assistant editors: Alex Callinicos, Chris Harman, John Molyneux, Lindsey German, Colin Sparks, Mike Gonzalez, Peter Morgan, Mike Haynes, Judy Cox, Megan Trudell, Mark O'Brien, Rob Hoveman and Michael Lavalette.


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