The article is a modified and shortened version of the theoratical summary of the book of the author Loic Wacquant: Punishing the Poor: The Neoliberal Government of Social Insecurity. Durham, Duke University Press 2009.

According to authors of this issue of Eszmélet, those are wrong who consider the present global crisis a financial crisis only, because the financial collapse is only the tip of the iceberg – overproduction is lying behind. This crisis delivers changes in the world system, since neoliberalism has fallen. The present crisis of capitalism signs the beginning of a new era that makes people in different areas of the globe to face different alternatives. Authors of the articles of the issue make an overview not only on long waves, the role of oil but the search for new ways in Germany and France as well as the historic roots of the external vulnerability of Hungary.

In the year of its anniversary some articles address 1968 when political orientations of the revolting movement were rather mixed but all agreed in rejecting consumer capitalism that used the myth of the "American dream" also in post-war Europe to justify its existence. On the contrary, in East Europe reforms of the 60s aimed to build a "consumer socialism" (market socialism) – here the critique of the consumer society would have hardly been attractive to the masses and would not serve the interest of the political elite either.

Table of contents

1. Andor László, Farkas Péter, Sebők Miklós, Krausz Tamás, Artner Annamária, Tamás Gáspár Miklós : The Global Financial Crisis and ist Critique of the World System
2. William Tabb : Four Crises of the Contemporary World Capitalist System
3. James K. Galbraith : Policy and Security Implications of the Financial Crisis: A Plan for America
4. Walden Bello : A Primer on the Wall Street Meltdown
5. Samir Amin : Financial Collapse, Systemic Crisis? Illusory Answers and Necessary Answers
6. Immanuel Wallerstein : on the financial crisis
7. Vigvári András : Remarks on the Sources of the External Vulnerability of Hungary
8. The Global Economic Crisis: An Historic Opportunity for Transformation
9. Responses from the South to the World Economic Crisis
10. Mészáros Ádám : Globalisation-critique from us, for us and for all
11. Andre Mommen : China’s Hunger for Oil
12. Madarász Mihály : Kondratieff Cycles in the Oil Production of Russia and the Soviet Union
13. Tütő László : The Temptation of Anarchism
14. Mitrovits Miklós : Against the Current – Overview on the Intellectual Magazines of Poland
15. Hajdu János : Two decades – in Search of a Way Forward in Germany
16. Lugosi Győző : Die Linke a la francaise – Is the party structure in France changing?
17. Krausz Tamás : 1968
18. Slavoj Žižek : In 1968, Structures Walked on the Streets – Will They Do it Again?
19. Gustave Massiah : May 1968 in the World

A multipolar world must prepare for a relative decline in US power and the turbulence that may follow.

The original article was published in YaleGlobal online , July 10, 2008.

Joachim Becker – Rudy Weissenbacher (ed.): Dollarization, Euroization and Financial Instability: Central and Eastern European Countries Between Stagnation and Financial Crisis? Marburg, 2007, Metropolis.