According to the author, the global crisis in employment is finally the result of the geopolitically biased and historically and socially unjust relationship between labour and capital. The situation is not new at all maybe some of its aspects are renewed that did not occur before. The article not simply examines the negative effects generated by the production crisis but also the global world system that is responsible for the production crisis.

A group of experts of the Economists for Peace and Security and the Initiative for Rethinking the Economy met again in Paris to discuss financial and monetary issues. Contrary to the mainstream, they were pessimistic that there would be sustained economic recovery and a return of high employment. The financial system preceding the crisis should not be restored and governments should not pursue exit strategies that permit a return to the status quo. Rather, the solution requires continuous state initiatives and financial structures serving public interests.

The well known expert of world system analysis reveals a lot about the object of his decades long research. Arrighi explains hegemonies and their transfer – in the course of capital accumulation – by cyclical financial expansions following real economy ones. Change in hegemony occurs, when the spatial determination of capital changes its setting, moving into a new level: from a city state to a national state and so forth. Anyhow, there is no higher level of a continent wide hegemony. Where are capital and its representative the hegemony of the bourgeoisie heading to in the sharpening competition and crises of world economy?

The life course interview of the recently passed legendary editor of the New Left Review reveals the ways and opportunities or sometimes external forces, the experience of well considered and ad hoc decisions that opened/limited the space of action both in theory and practice for the left wing intelligentsia.