Iraqi Communists: Global financial crisis is beginning of end for 'brutal chaos' of neo-liberalism

An Iraqi Communist Party leader told a packed Baghdad meeting yesterday that the global financial crisis marks the beginning of the end for the economic, social and political policies of neo-liberalism.

As reported at the Iraqi Letter blog (see blog for photos), Saleh Yassir, member of the Central Committee of the Iraqi Communist Party, presented an extensive analysis of the current global financial crisis at a meeting held on Tuesday, October 14, 2008, at the party headquarters at Andulus Square in central Baghdad.

More than 200 people packed the hall to listen to an in-depth presentation of the political economy of the crisis, its causes and repercussions, as well as its principal characteristics compared with previous crises.

Yassir concluded that the crisis marks the beginning of the end for neo-liberalism on several levels: economic, political and social. He predicted that the global financial system will not return to what it was before, but will witness significant changes in terms of an end of the brutal chaos of globalized state monopoly financial capitalism, and towards intervention by the state in controlling the financial markets of each state and on the global level.

Does the crisis mean the end of the capitalist system? Replying to this question, Yassir said "No. The end of capitalism requires waging a social struggle and requires broad class alliances that will not evolve and develop in a short time period."

A more extensive report of the meeting will be published later.