Economy

2018 was a devastating year for British retailers, with the collapse of many household names. The period ahead offers little respite.

A range of factors – from Brexit, to stagnant wages, to technological changes – are combining to create a toxic cocktail for the UK retail sector. Shop closures are another symptom of capitalism’s deep crisis.

For the ruling class, the new year is starting as the old one ended: with great uncertainty surrounding the prospects for the capitalist system. Welcome to the new normal of economic crisis and social upheaval.

Brexit has brought all the contradictions in the UK economy to the surface. British capitalism is facing a special crisis of stagnant productivity and terminal decline. This is taking its toll on the working class.

Cut-throat competition in the airline industry is about to claim another victim. As ever, it is the workers who will bear the brunt of this race to the bottom.

Inequality continues to rise, as the mega-rich get richer and the working class is forced to pay for capitalism’s never-ending crisis.

After a decade of cuts, the Tory Prime Minister and Chancellor have both promised an end to austerity. But the continuing crisis of British – and world – capitalism makes this pledge ring hollow.

Recent events in Turkey and Argentina have highlighted the fragility of the so-called “emerging” economies. But, in reality, the whole world economic system is a house of cards waiting to collapse.

The TUC in Britain has recently called for a four-day working week. But how can we realise the potential of technology and achieve this demand?

This weekend marks a decade since the start of the financial crash that ushered in the deepest crisis in the history of capitalism. 10 years on, there is no hope on the horizon under capitalism. We need a revolution.

Amidst all the scandals and crises ensnaring May and the Tories, the latest economic figures are yet another cause for anxiety and distress for the Prime Minister.

Leading member of the capitalist establishment says: Marx was right! A decade on from the beginning of the crisis, the ruling class is increasingly worried.