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After nearly 40 years of neoliberalism the very same solutions are now being offered to the same problems, with the same intended victims.But this is not an occasion in which “the great events and characters of world history” are repeated “the first time as tragedy, the second as farce”; for if the ruling classes do achieve their goals, they will simply extend and deepen the original tragedy, in circumstances where the social welfare provision built up during the post-war era has in many countries already been significantly reduced.

Up to this point I have treated neoliberalism and contemporary capitalism as if they were essentially synonymous, but this is of course precisely one of the major points at issue.

This led to the second period, involving the simultaneous formation of monopolies within the heartlands of the system and expansion of colonialism without, ultimately leading to the fusion of both these processes in a new phase of capitalist development variously known as “finance capitalism”, “monopoly capitalism” or “imperialism”.

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