Globalization of Production

Global financial markets facing instability in 2015

By Nick Beams, 31 December 2014

Divergent central bank policies are a potential source of financial turmoil in 2015.

Volkswagen opens plant in Chinese province of Xinjiang

By Philipp Frisch, 16 September 2013

Concern is mounting in Germany about Volkswagen's over-reliance on the Chinese car market.

A new downturn in the global economy

By Nick Beams, 27 October 2012

There are increasing signs that the global economy is about to enter a new period of financial turbulence, coupled with deepening recession in a growing number of countries.

Mounting social struggles cast shadow over Davos economic summit

By Nick Beams, 28 January 2012

A new factor has entered the scene—the re-emergence of the international working class as exemplified in the Egyptian revolution and the ongoing social struggles around the world.

World economy set for another major downturn

By Nick Beams, 19 January 2012

The World Bank yesterday issued a grim forecast for the world economy, warning of the potential for a crisis worse than 2008-09.

G20 meeting: Upbeat assessments mask deep rifts

By Nick Beams, 18 October 2011

Two and a half years on since the April 2009 G20 summit, the very development of the economic crisis has intensified the inherent conflicts among the dominant capitalist powers.

Rival powers scramble for seabed mineral rights in South Pacific

By Patrick O’Connor, 29 June 2011

Lucrative mineral reserves are up for grabs, adding further fuel to tensions in a region where China has recently extended its influence.

Behind the battle over new IMF chief

By Nick Beams, 21 May 2011

In the midst of the Strauss-Kahn crisis, a World Bank report pointed to vast shifts underway in the structure of the world economy, which indicate that the conflict over the IMF leadership is just one of many to come.

Financial chaos sounds a warning

By Nick Beams, 14 May 2011

None of the underlying contradictions that set off the global financial crisis in September 2008 has been resolved.

No prospect of global “economic recovery”

By Nick Beams, 7 May 2011

The ongoing turmoil in global financial markets and the world economy is being accompanied by warnings that there is no prospect of pre-crisis conditions returning.

Share markets slide in response to Japan disaster

By Nick Beams, 16 March 2011

Japanese equity markets have experienced their worst fall since the global share market crash of October 1987 in the wake of the earthquake, tsunami and nuclear disaster that struck last Friday.

Japanese disaster’s economic fallout spreads globally

By Mike Head, 15 March 2011

The tremendous shock to the Japanese economy has profound international implications.

G20 summit fails to resolve global trade, currency conflicts

By Barry Grey, 13 November 2010

The G20 summit of leading economies held in Seoul, South Korea concluded Friday without any agreement on policies to bridge differences over global currency and trade issues.

The rising danger of US-China trade war

By Peter Symonds, 2 October 2010

The vote in the US House of Representatives for a bill opening the door for punitive tariffs against China marks a dangerous step toward trade war.

Currency wars and the contradictions of capitalism

By Nick Beams, 22 September 2010

No doubt the currency crisis will take many twists and turns, but the overall logic of the process is clear. The world economy will increasingly fracture into rival regional and currency blocs, once again raising the spectre of military conflict.

Two years since the collapse of Lehman Brothers

By Nick Beams, 15 September 2010

Two years after the collapse of Lehman Brothers sparked the greatest financial and economic crisis since the Great Depression of the 1930s, none of the underlying contradictions of the world capitalist system has been resolved.

The Global Economic Breakdown—A Marxist Analysis

Nick Beams to address University of Western Sydney students

1 September 2010

Socialist Equality Party (Australia) national secretary Nick Beams has been invited by the University of Western Sydney Schools of Law and Economics and Finance to deliver a guest lecture on the global financial crisis.

Mass dismissals in the global printing press industry

By Gustav Kemper, 5 July 2010

For a number of years the world’s major printing press manufacturers have been engaged in a fierce competition for markets, under conditions where the industry faces a shrinking sales market and the consequences of radical new technologies.

Massive police build-up for Toronto G20 summit

By Paul Franklin, 26 June 2010

Canada’s Conservative government and police-security establishment are using this weekend’s G20 summit to acclimatize the population to police-state type measures.

China: Explosion at coal mine kills 48

By Oliver Campbell, 26 June 2010

An explosion at a coal mine in China’s Hunan province Monday killed 47 people, exposing the government’s empty promises of improving mining industry safety.

Divisions in G-20 open on summit eve

By Nick Beams, 24 June 2010

The divisions are not the product of the inability of governments to follow rational policies. Rather, they express the fundamental and irresolvable objective contradictions of the global capitalist system.

Markets stabilise but “smell of fear” is in the air

By Nick Beams, 24 May 2010

Global markets stabilised at the end of last week but there are deepening concerns that the turmoil resulting from the eurozone financial crisis is only just beginning.

Global markets plunge as eurozone crisis deepens

By Nick Beams, 21 May 2010

Global markets have plunged for a third day as concerns grow that the eurozone crisis is threatening the stability of the international financial system.

The specter of catastrophe returns

By David North, 17 May 2010

The break-up of the euro does not mean merely the end of a currency. It threatens a devastating and potentially bloody breakdown of political relations between European states.

The struggle against the EU’s financial diktats is a class issue

By Ulrich Rippert, 29 March 2010

The economic crisis has cut the ground from under the propaganda that the European Union provided the means to realize a peaceful and harmonious unification of Europe.

Government debt: a new stage in the global financial crisis

By Nick Beams, 9 February 2010

The tremors on global financial markets signal a new stage in the financial crisis brought on by fears of vast social struggles as governments attempt unprecedented cuts in jobs, wages and social services.

Sovereign debt fears signal new stage of global crisis

By Barry Grey, 6 February 2010

Stock markets in Europe and Asia fell sharply Friday in the second day of a near-panic selloff fueled by fears that the debt crisis facing weaker European economies will throw the world economy into a “double-dip” recession.

World Economic Forum: False hopes in a China-led recovery

By John Chan, 18 September 2009

Corporate leaders and officials gathered in Dalian to pay homage to China as the bright spot of global capitalism. However, closer examination reveals that the Chinese economy is just as fragile as its counterparts in America and Europe.

US-China trade tensions sharply escalate

By John Chan, 16 September 2009

In a move that threatens to trigger a major trade conflict, US President Barack Obama last Friday signed an order to impose a 35 percent tariff on Chinese-made tyre imports over the next three years.

Stock market gyrations reflect fears of protracted global slump

By Patrick O’Connor, 19 August 2009

Stock markets in the US and internationally declined sharply Monday before recouping some of their losses on Tuesday. The volatility reflects concerns that despite recent GDP growth reported for several major economies, the global economic crisis continues to deepen.

Economic nationalism on the rise in Europe

By Stefan Steinberg, 15 August 2009

Since passing anti-protectionist resolutions at the last G20 summit, European governments have enacted a series of protectionist measures aimed at securing the interests of their own domestic banks and business concerns.

Arrest of Rio Tinto executive points to deepening economic crisis in China

By John Chan, 15 July 2009

The arrest of Stern Hu, Rio-Tinto’s China iron ore executive, signals a more aggressive policy by the Chinese regime toward its economic rivals amid an ongoing slump in export orders and rising unemployment.

G8 leaders fail to reach agreement on global crisis

China, France, Russia challenge supremacy of US dollar

By Stefan Steinberg, 11 July 2009

This year’s G8 summit in Italy reflected the inability of the world’s leading capitalist nations to achieve any consensus to deal with the worst economic crisis since the 1930s.

G8 summit in Italy dominated by deepening financial crisis

By Stefan Steinberg, 9 July 2009

The G8 summit taking place this week in Italy mirrors the growing political discord and rivalry between the major powers.

No economic “green shoots” in world trade and transport

By Jeff Lassahn, 1 July 2009

This massive contraction in trade is shown in the falling revenues and increasing layoffs of global transport companies. Across the world, ships, airplanes, trucks, and railroad equipment with no cargo to carry are being stored or scrapped.

World economy in freefall

By Andre Damon, 22 May 2009

Governments of the world's major economies announced huge first-quarter contractions in recent days, as real indicators of the economic crisis continued to worsen.

Japan’s economy suffers record contraction

By Peter Symonds, 22 May 2009

The Japanese economy shrank by 4 percent in the first quarter of 2009 or an annualised rate of 15.2 percent. The plunge in GDP was the worst since records began in 1955 and the largest of any major industrialised country.

Internationalism and the struggle for socialism

By Nick Beams, 20 May 2009

The following is the text of a report given by Nick Beams, national secretary of the Socialist Equality Party (Australia), to the WSWS/SEP/ISSE regional conferences, “The world economic crisis, the failure of capitalism, and the case for socialism.”

China takes steps towards full convertibility of the yuan

By Luis Arce, 7 May 2009

China recently announced a series of measures to protect its economy against a possible devaluation of the US dollar by decoupling the Asian currencies from the American currency and using the Chinese yuan to gain access to raw materials from South America, the Caribbean and Russia.

IMF issues grim forecasts for 2009

By Patrick O'Connor, 24 April 2009

The International Monetary Fund’s updated World Economic Outlook, released Wednesday, predicts world economic growth of negative 1.3 percent this year, marking “by far the deepest global recession since the Great Depression”.

WTO forecasts huge drop in global trade

By Peter Symonds, 28 March 2009

In a report released this week, the World Trade Organisation (WTO) has predicted a decline in global trade this year of 9 percent by volume—the largest since World War II.

IMF director warns of war

By Joe Kishore, 25 March 2009

Dominique Strauss-Kahn, the managing director of the International Monetary Fund, warned Monday that the “dire” economic crisis poses the danger of social unrest and war.

IMF report: World economy to shrink 1 percent this year

By Andre Damon, 20 March 2009

The IMF published a chilling set of statistics Thursday, cutting its estimate for world economic growth this year and revealing that the world economy contracted at the sharpest rate on postwar record in the last part of 2008.

ISSE meetings in Australia

Marxism and the world economic crisis

26 February 2009

The International Students for Social Equality in Australia are holding meetings at universities in Sydney, Melbourne and Newcastle during March to present a Marxist analysis of the world economic crisis and the necessity for a socialist and internationalist solution for the working class.

Nick Beams opening report to SEP summer school

The crash of 2008 and its revolutionary implications

Part 4

By Nick Beams, 7 February 2009

“What flows from our assessment of the origins of the present situation is that nothing less than an international socialist revolution can overcome the crisis of the capitalist mode of production and, moreover, that is the only way to prevent mankind being plunged into a catastrophe.”

Nick Beams answers letters on Keynesianism

By Nick Beams, 8 January 2009

Nick Beams replies to correspondence on Keynesianism, the Great Depression and the global crisis of capitalism.

The crash of 2008 and the prospects for 2009

2 January 2009

2008 was the year when the supposedly impossible happened: The world capitalist system underwent a financial breakdown which now threatens to repeat, or even eclipse, that which began in 1929.

A lecture by Nick Beams

The World Economic Crisis: A Marxist Analysis—Part 4

By Nick Beams, 23 December 2008

The following is Part 4 of a lecture delivered by Nick Beams, national secretary of the Socialist Equality Party (Australia) and a member of the International Editorial Board of the World Socialist Web Site, to audiences in Perth, Melbourne and Sydney in November and December, 2008.

A lecture by Nick Beams

The World Economic Crisis: A Marxist Analysis—Part 3

By Nick Beams, 22 December 2008

Published today is the third part of a lecture delivered by Nick Beams, national secretary of the Socialist Equality Party (Australia) and a member of the International Editorial Board of the World Socialist Web Site, to audiences in Perth, Melbourne and Sydney in November and December, 2008.

Lecture by Nick Beams

The World Economic Crisis: A Marxist Analysis

Part 2

By Nick Beams, 20 December 2008

The following is the second part of a lecture delivered by Nick Beams, national secretary of the Socialist Equality Party (Australia) and a member of the International Editorial Board of the World Socialist Web Site, to audiences in Perth, Melbourne and Sydney in November and December, 2008.

A lecture by Nick Beams

The World Economic Crisis: A Marxist Analysis

Part 1

By Nick Beams, 19 December 2008

The following is the first part of a lecture delivered by Nick Beams, national secretary of the Socialist Equality Party (Australia) and a member of the International Editorial Board of the World Socialist Web Site, to audiences in Perth, Melbourne and Sydney in November and December, 2008. Part 2 will be published tomorrow and subsequent parts over the next few days.

Steelmakers threaten production cuts and plant closures worldwide

By Elizabeth Zimmermann, 17 December 2008

In the wake of the international financial crisis, the major steel concerns confront a dramatic collapse in sales and orders as activity slumps in the building, automotive and engineering industries.

Audience members discuss Nick Beams’s lecture

15 December 2008

After Nick Beams’s lectures on “The World Economic Crisis: A Marxist Analysis,” WSWS correspondents asked audience members for their impressions and reactions.

Nick Beams presents Marxist analysis of global economic breakdown to Australian audiences

By our reporters, 15 December 2008

Appreciative audiences heard Nick Beams, a member of the WSWS International Editorial Board and national secretary of the Socialist Equality Party (SEP) in Australia, deliver a powerful series of lectures on “The World Economic Crisis—A Marxist Analysis” in Perth, Melbourne and Sydney over the past two weeks.

China’s economic growth rate continues to tumble

By John Chan, 5 December 2008

The Chinese regime is clearly in a crisis over how to deal with the increasingly severe global recession, which is already producing widespread plant closures, rising unemployment and social unrest.

Iceland: Street protests against government and economic meltdown

By Jordan Shilton, 29 November 2008

Thousands protested in the Icelandic capital Reykjavik last Saturday, calling for the resignation of the government and for early elections. The protest follows weeks of unrest on the streets, in the aftermath of the banking collapse last month that left the economy in meltdown.

As oil prices plummet, OPEC meets to consider another production cut

By Patrick O’Connor, 28 November 2008

The value of a barrel of crude oil fell below $50 this month—just one-third of the record $147 a barrel recorded in July—marking the sharpest price collapse since formal futures trading began in 1981.

Growing tensions in lead-up to G20 summit in Washington

By Peter Schwarz, 14 November 2008

The G20 summit in Washington this weekend on the global financial and economic crisis takes place amid growing international tensions.

World Bank forecasts falling trade, global recession and rising poverty

By Peter Symonds, 14 November 2008

In the lead-up to tomorrow’s G-20 summit in Washington, the World Bank released figures this week confirming that the global economy is rapidly heading into recession. Its global outlook predicted a growth rate of just 1 percent for the world as a whole in 2009 and a contraction of 0.1 percent for the high-income countries.

China’s huge stimulus package: Another sign of economic crisis

By John Chan, 11 November 2008

China has announced a $586 billion stimulus package to counter a rapidly slowing economy.

Turkey: Financial crisis hits textile industry

By Sinan Ikinci, 11 November 2008

The Turkish economy has entered a deep and protracted decline, hitting the textile industry particularly hard and threatening the jobs and living standards of millions of working people.

Chinese manufacturing in free fall as export markets collapse

By James Cogan, 7 November 2008

Output by China’s vast manufacturing sector, which employs tens of millions of workers and has functioned as the cheap labour workshop of the globe, is slowing dramatically.

The Summit of the Americas and the development of a genuine opposition to global capital

By Keith Jones, 20 April 2001

This weekend's Summit of the Americas—a large gathering in Quebec City of government and corporate leaders, including US President George W. Bush and the heads of 33 other national governments—will be the target of widespread protests.

Globalisation: The Socialist Perspective

Part Three

By Nick Beams, 7 June 2000

Nick Beams, a member of the International Editorial Board of the World Socialist Web Site and National Secretary of the Socialist Equality Party of Australia, recently completed a successful lecture tour of six Australian universities. Beams' lecture—Globalisation: The Socialist Perspective— was attended by students, academics, workers and professional people in Sydney, Melbourne, Newcastle and Canberra. The WSWS is publishing the lecture in three parts. Part One was published on June 5 and Part Two was published on June 6.

Globalisation: The Socialist Perspective

Part Two

By Nick Beams, 6 June 2000

Nick Beams, a member of the International Editorial Board of the World Socialist Web Site and National Secretary of the Socialist Equality Party of Australia, recently completed a successful lecture tour of six Australian universities. Beams' lecture—Globalisation: The Socialist Perspective— was attended by students, academics, workers and professional people in Sydney, Melbourne, Newcastle and Canberra. The WSWS is publishing the lecture in three parts. Part One was published on June 5 and the final part on June 7.

Globalisation: The Socialist Perspective

Part One

By Nick Beams, 5 June 2000

Nick Beams, a member of the International Editorial Board of the World Socialist Web Site and National Secretary of the Socialist Equality Party of Australia, recently completed a successful lecture tour of six Australian universities. Beams' lecture—Globalisation: The Socialist Perspective— was attended by students, academics, workers and professional people in Sydney, Melbourne, Newcastle and Canberra. The WSWS is publishing the lecture in three parts. Part two will be published on June 6 and the final part on June 7.

Nick Beams concludes successful Australian lecture tour

By James Conachy, 5 June 2000

Nick Beams, the National Secretary of the Socialist Equality Party in Australia and member of the World Socialist Web Site Editorial Board, concluded a successful two-week lecture tour of six Australian universities last Tuesday with a lecture at the Australian National University (ANU) in Canberra, the country's capital.

Reader comments on Nick Beams' "Marxist internationalism vs. the perspective of radical protest"

22 March 2000

AW 16 March 2000

Letter from a reader on Lenin and globalisation

15 March 2000

RE: Marxist internationalism vs. the perspective of radical protest. A reply to Professor Chossudovsky's critique of globalisation—By Nick Beams (21 February 2000).

Nick Beams replies to a reader on Lenin and globalisation

15 March 2000

In this polemic Nick Beams answers a World Socialist Web Site reader who disagreed with the assessment of globalisation made in Beams' reply to Professor Michel Chossudovsky's article “Seattle and beyond: disarming the New World Order”. Nick Beams is national secretary of the Socialist Equality Party of Australia and a member of the WSWS editorial board. ML's email is available through a link at the end of the article.

Marxist internationalism vs. the perspective of radical protest

A reply to Professor Chossudovsky's critique of globalization

By Nick Beams, 25 February 2000

The World Socialist Web Site is publishing here the third and final part of a three-part article by Nick Beams, national secretary of the Socialist Equality Party of Australia and member of the WSWS editorial board, replying to an article by Professor Michel Chossudovsky, “Seattle and beyond: disarming the New World Order,” which was posted by the WSWS on January 15, 1999. Beams is the author of numerous articles and lectures on modern capitalist economy, including Marxism and the Globalisation of Production and The Significance and Implications of Globalisation: a Marxist Assessment.

Marxist internationalism vs. the perspective of radical protest

A reply to Professor Chossudovsky's critique of globalization

By Nick Beams, 23 February 2000

The World Socialist Web Site is publishing here the second part of a three-part article by Nick Beams, national secretary of the Socialist Equality Party of Australia and member of the WSWS editorial board, replying to an article by Professor Michel Chossudovsky, “Seattle and beyond: disarming the New World Order,” which was posted by the WSWS on January 15, 1999. Beams is the author of numerous articles and lectures on modern capitalist economy, including Marxism and the Globalisation of Production and The Significance and Implications of Globalisation: a Marxist Assessment.

Marxist internationalism vs. the perspective of radical protest

A reply to Professor Chossudovsky's critique of globalization

By Nick Beams, 21 February 2000

The World Socialist Web Site is publishing here the first part of a three-part article by Nick Beams, national secretary of the Socialist Equality Party of Australia and member of the WSWS editorial board, replying to an article by Professor Michel Chossudovsky, “Seattle and beyond: disarming the New World Order,” which was posted by the WSWS on January 15, 1999. Beams is the author of numerous articles and lectures on modern capitalist economy, including Marxism and the Globalisation of Production and The Significance and Implications of Globalisation: A Marxist Assessment.

The impact of globalisation on health and safety at work

Report issued by the World Health Organisation and International Labour Organisation

By Paul Mitchel, 23 July 1999

Two departments of the United Nations recently warned that globalisation may considerably increase the number of work-related diseases and injuries in the next century. They said the pressures for deregulation of the basic standards for health and safety is growing.

Telephone call centres expand worldwide

By a correspondent, 9 December 1998

Jobs and safety sacrificed in global airline industry

By Joe Lopez, 13 November 1998

International market turmoil: A sea-change in world economy

By Nick Beams, 28 August 1998

World markets went into a tailspin on Thursday, as panic spread over the global implications of the Russian meltdown and the deepening crisis in Asia.

Merger will lead to job cuts

British Petroleum acquiring US oil producer Amoco

By Shannon Jones, 13 August 1998

The planned acquisition of US-based Amoco oil company by British Petroleum will result in cost cutting and the elimination of thousands of jobs at the new combined company, which will rank as the world's third largest oil producer behind Royal Dutch/Shell and Exxon in terms of net income and second largest in terms of oil and gas reserves.

Windfall for corporate executives from Chrysler-Daimler merger

By Martin McLaughlin, 8 August 1998

The 30 top executives at Chrysler will receive over $500 million in cash and stock when the merger with Daimler-Benz is finalized.

London-Frankfurt Stock Exchange alliance escalates war for global investment

By Richard Tyler, 11 July 1998

Book Review: Civilising Global Capital by Mark Latham, Allen and Unwin, Sydney 1998

The Political Economy of 'New Labor'

By Nick Beams, 27 June 1998

An examination of a new book reveals the real agenda being advanced by

Three cheers for small-mindedness!

Joschka Fischer's answer to globalisation

WSWS review of a new book by the leader of Germany's Greens

By Peter Schwarz, 23 June 1998

"If you had remained silent, you would have remained a philosopher."(Latin proverb)

The merger between Chrysler and Daimler-Benz: what it means for workers

By Editorial Board, 8 May 1998

The takeover of Chrysler Corporation by Daimler-Benz in a $38 billion stock deal is a powerful demonstration of the globalization of the world economy. The largest industrial company in Germany, and in Europe as a whole, is acquiring one of the biggest American corporations, creating a transnational giant with a work force of 410,000 and an annual output of over $130 billion.

Euro to bring far-reaching changes

By Nick Beams, 28 April 1998

The lower house of the German parliament, the Bundestag, voted overwhelmingly at the weekend to approve the replacement of the deutsche mark by the euro, the currency of 11 European nations that will come into effect January 1 next year.

Warnings mount of 1930s-style deflation

By the Editorial Board, 30 January 1998

The new year has opened with a series of warnings by bankers, economists and capitalist politicians that the Asian currency crisis is the harbinger of global deflation and depression on a scale not seen since the 1930s.

The Significance and Implications of Globalisation

A Marxist Assessment

By Nick Beams, 4 January 1998

The globalisation of production has prepared a new period of social revolution. This is the inevitable outcome of the vast changes in the structure of world capitalist economy over the past two decades -- the culmination of processes stretching back over 200 years.