The Hungarian Marxist Balazs Nagy originally planned this work as @an article explaining the great economic crisis which erupted in 2007 from a Marxist point of view". However, while working on it he "quite quickly realised that a deeper understanding of this development would only be possible if I located it within a broader historical and political context than I had anticipated. To put it another way: it would only be possible to grasp the nature and meaning of this current upheaval in and through the development of the economic-political system as a whole. I could not therefore avoid going back - occasionally a long way back - to unearth the roots of social content and important components of economic life and trace how they came into being historically."
The present volume contains Part 1 of this work. It starts with the efforts of classical socialist thinkers to understand imperialism as a stage of capitalism, then traces the persistent contradictions working in society and economy through the 20th Century. This compelling and original account rescues and represents basic Marxist conceptions of these matters which are often overlooked in contemporary political discourse.