The failure of capitalism - World Socialist Web Site
▻http://www.wsws.org/en/articles/2013/05/03/pers-m03.html
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The failure of capitalism 3 May 2013
Figures on the state of the European economy published over the past week are not only the expression of a deepening economic and social crisis. They have a profound historical meaning, pointing to the bankruptcy of the capitalist economic order.
In its latest economic forecast, the International Monetary Fund has predicted that the euro zone area as a whole will contract by 0.3 percent this year, with France joining Italy and Spain as the three major economies in recession. The contraction itself is significant, but the fact that it takes place some five years after the onset of the financial crisis points to the underlying processes that produced it. The European economy is caught in a deepening downward spiral.