Alex Callinicos is Professor of European Studies at King's College, London

"A superb book which exhibits engaging though authoritative scholarship of a kind which is sadly too rare."Sociological Imagination  "As one would expect from Callinicos, this book is forensic in its detail and is a useful tool in the armoury of anyone who wishes to see beyond the platitudes of the yellow press."Morning Star"A powerful critique; a serious engagement with a crucial contemporary debate."Political Studies Review"An important book for anybody wanting an introduction to how Marxist political economy can help to understand the times in which we live."Marx and Philosophy"The crisis of 2007-9 is an event of historic importance that has affected economy, society and politics. Callinicos analyses its causes within the broader development of capitalism in recent decades. Particularly relevant is his stress on financialisation as well as the implications he draws regarding the balance of imperial power across the world. Written with the author's customary skill, this is a welcome contribution from the left to the public debate."Costas Lapavitsas, SOAS, University of London

• Preface and Acknowledgements ixIntroduction: How the World Changed in 2008 11 Finance Humbled 20What is fi nancialization? 23Three perspectives on financial crises 34More than just a financial crisis 50Dilemmas of recovery 832 Empire Confined 95The state roars back 95Collision of empires 106Orchestrating disharmony 121Conclusion: Regime Change or System Change? 127The end of neoliberalism? 127State, market and planning 134Notes 144Index 169

Alex Callinicos is Professor of European Studies at King's College, London

"A superb book which exhibits engaging though authoritative scholarship of a kind which is sadly too rare."Sociological Imagination  "As one would expect from Callinicos, this book is forensic in its detail and is a useful tool in the armoury of anyone who wishes to see beyond the platitudes of the yellow press."Morning Star"A powerful critique; a serious engagement with a crucial contemporary debate."Political Studies Review"An important book for anybody wanting an introduction to how Marxist political economy can help to understand the times in which we live."Marx and Philosophy"The crisis of 2007-9 is an event of historic importance that has affected economy, society and politics. Callinicos analyses its causes within the broader development of capitalism in recent decades. Particularly relevant is his stress on financialisation as well as the implications he draws regarding the balance of imperial power across the world. Written with the author's customary skill, this is a welcome contribution from the left to the public debate."Costas Lapavitsas, SOAS, University of London

• Preface and Acknowledgements ixIntroduction: How the World Changed in 2008 11 Finance Humbled 20What is fi nancialization? 23Three perspectives on financial crises 34More than just a financial crisis 50Dilemmas of recovery 832 Empire Confined 95The state roars back 95Collision of empires 106Orchestrating disharmony 121Conclusion: Regime Change or System Change? 127The end of neoliberalism? 127State, market and planning 134Notes 144Index 169

Alex Callinicos is Professor of European Studies at King's College, London

"A superb book which exhibits engaging though authoritative scholarship of a kind which is sadly too rare."Sociological Imagination  "As one would expect from Callinicos, this book is forensic in its detail and is a useful tool in the armoury of anyone who wishes to see beyond the platitudes of the yellow press."Morning Star"A powerful critique; a serious engagement with a crucial contemporary debate."Political Studies Review"An important book for anybody wanting an introduction to how Marxist political economy can help to understand the times in which we live."Marx and Philosophy"The crisis of 2007-9 is an event of historic importance that has affected economy, society and politics. Callinicos analyses its causes within the broader development of capitalism in recent decades. Particularly relevant is his stress on financialisation as well as the implications he draws regarding the balance of imperial power across the world. Written with the author's customary skill, this is a welcome contribution from the left to the public debate."Costas Lapavitsas, SOAS, University of London

• Preface and Acknowledgements ixIntroduction: How the World Changed in 2008 11 Finance Humbled 20What is fi nancialization? 23Three perspectives on financial crises 34More than just a financial crisis 50Dilemmas of recovery 832 Empire Confined 95The state roars back 95Collision of empires 106Orchestrating disharmony 121Conclusion: Regime Change or System Change? 127The end of neoliberalism? 127State, market and planning 134Notes 144Index 169