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Book summary
Harpal Brar and Ella Rule: Imperialism and the Worst-Ever Crisis of Overproduction
Imperialism and the Worst-Ever Crisis of OverproductionBuy a copy from our shop

This collection of articles is a sequel to Harpal Brar's 2007 book Imperialism – the Eve of the Socialist Revolution of the Proletariat. In that volume, the author predicted that the recent economic recovery was bound to be followed by a sharp crash.

Sure enough, within three months of the book's publication, the present crisis of overproduction broke out with a virulence never before seen – worse even than the 1929 crash – bringing imperialism's financial institutions to a near meltdown.

This volume traces the origin and progress of this latest and deepest-ever crisis of the capitalist system, which has laid waste the economies of capitalist countries throughout the world and ruined the lives of hundreds of millions of working people.

Under the conditions of capitalist imperialism, the only 'solution' to the crisis is to pile more and more burden on the working class, to wage endless wars on the oppressed peoples of the world, to engage in cut-throat interimperialist rivalry (with currency and trade wars as a prelude to armed conflict), and to wage aggressive wars against the remaining socialist countries.

Since 2008, through bank and other bailouts, the governments of the imperialist countries have effected a transfer of trillions of dollars from the taxpayers to the kings of finance – from Wall Street to the City of London. Working people are being made to pay the robber barons' bills by a combination of increased taxation, the decimation of public services, rising unemployment and savage cuts in welfare spending – all in an effort to reduce fiscal deficits, and thus further aggravating the crisis of overproduction by pushing greater numbers of people into poverty and reducing their purchasing power.

Finding themselves in this unprecedented slump, the leading imperialist powers are busy attacking the working class at home and waging war on the oppressed peoples abroad – from Iraq, Afghanistan, Libya, Syria and Mali to Palestine. They are bound to intensify these attacks; they are bound to resort to trade wars and, unless stopped by proletarian revolution, they are bound in the end to resort to armed conflict against each other.

For the proletariat and the oppressed peoples, the only way out of this capitalist hell is to prepare themselves organisationally, ideologically and politically to counter imperialism's war with a war on imperialism, and to rid humanity of this beast which has for so long drenched the earth in the blood of untold millions.

The weapon of Marxism Leninism and the trail blazed by the October Revolution show workers the way out of the inferno of imperialist oppression and imperialist wars.

In the words of Lenin: "No matter what difficulties the revolution may encounter, and in spite of temporary setbacks or waves of counter-revolution, the final victory of the proletariat is inevitable."

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