Ten years after the 2008 global financial crisis, the global economy is still stagnant and there are few prospects for a recovery. As a result, we have seen a deepening of the social crisis with rising unemployment and inequality, which is what underpins the war against women, increased crime and violence, and the unravelling of the social fabric, especially here in South Africa.
This process is not new, it has been unfolding over several decades and has given rise to the phenomena of neoliberalism, globalisation and financialisation. These are capital's means to overcome the crises of capitalism globally. The crisis has subsequently developed into multi-dimensional, overlapping crises of the global economy, environment, energy, food. At its core, this represents a crisis of over-accumulation of capital, with too many products and too few consumers.
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