Until recently, the Great Depression of the 1930s was considered the worst crisis of capitalism. Today, historians, economists and the business media have confirmed that we are now experiencing the worst crisis of contemporary capitalism. The early-twentieth-century Great Depression seems to pale in comparison to the ‘great financial crisis’ that occurred at the beginning of the twenty-first century. Despite the massive bailouts given to banks and finance houses, deepening austerity in the heartlands of capitalism and a tenuous continuity in growth rates in countries like China and India, the end of the crisis is not in sight. This, of course, does not mean capitalism is about to collapse – but it is certainly in a state of deepening crisis and will probably reach a historical terminus, like all social systems before it.

However, this volume does not attempt to make catastrophic predictions, but instead sets out to explain and provide an understanding of the unfolding crisis by bringing into view its underlying dynamics.

With such a deep systemic and conjunctural crisis facing neoliberal capitalism, both in South Africa and beyond, one would intuitively expect the Left to be on the rise and gaining ground. Yet there seems to be an unevenness regarding effective left-wing responses to the crisis. In most instances, trade unions, social movements and left-wing parties seem to be advancing responses that are incapable of bridging the gulf between the current realities and popular expectations of progressive transformation, such as employment creation and less inequality. The weaknesses and advances of the Left in response to the current context are critically assessed in this volume.

By applying a rigorous Marxist (and neo-Marxist) political-economic analysis of the contemporary capitalist crisis and the Left's response to it, this volume confronts some of the inherited weaknesses of Marxist theoretical approaches to capitalist crises. The first weakness, according to Lilley (2012: 44), can be referred to as the ‘vanguardist’ dyad of structural determinism, on the one side, and voluntarism on the other.1 Structural-determinist approaches give primacy to the ‘laws of history’ and the limits of the capitalist system (or the internal weight of its own contradictions).