The 1929 Wall Street Crash and the Great Depression
In this podcast, James Kilby analyses the Great Depression, a period of crisis that many have compared to the present situation. In both cases, however, it is clear that these crises are not 'accidental', but a necessary product of capitalism's incurable contradictions. The COVID-19 pandemic has triggered a deep economic collapse. The world stands on the verge of a new depression. We must therefore look to the past to understand the present – and the future. The Wall Street Crash was the spark for the Great Depression of the 1930s. This period provides a stark demonstration of the failure not only of the capitalist system, but also of the Keynesian New Deal – as admitted by even Keynes himself. Facing mass unemployment and struggling to survive, workers began to fight back. Today, we are entering into a similarly stormy period of crisis, instability and rising class struggle. However, every historical analogy has its definite limits: there is no precedent for the current capitalist crisis. We must learn the lessons of the 1930s and fight to put an end to capitalism once and for all.