In essence, it is a class war of the global rich against the rest of humanity. Its purpose is to destroy the gains made by working people since 1945, to increase the rate of exploitation and profit, and to redistribute wealth from labour to capital. The initial impulse to do this was intensified competition between capitalists during the Long Recession. Shrinking markets meant that bosses needed to cut costs by sacking workers and driving down wages. But once begun, the global ‘race to the bottom’ became a permanent feature of a new economic order emerging from the crisis.
A Marxist History of the World part 102: What is neoliberalism? | Counterfire