By Steve Wallace
The financial events of 2008–2009 inaugurated not only an economic but a new ideological crisis of capitalism. How deep this crisis will become depends on the development of the economic situation and the intervention of the political left. The character of this crisis, however, can be seen most clearly by placing it in an historical context.
Twenty years ago, in 1989–91, capitalism achieved enormous victories. It overthrew the non-capitalist economies in the USSR and Eastern Europe. The opportunity to achieve this was created by the final failure of the policy of ‘socialism in one country’ inaugurated by Stalin – with its economically utopian attempt to create a fully developed socialist society within the framework of a single state, its introduction of a fully planned economy in a short period by administrative means, and the political repression that followed from such policies.