Perspectives on the recession in Canada

The following paper will discuss the socio-economic crisis in Canada caused by unemployment and the recession. The timing and extent of this crisis has been the result of active political decisions by government and reflective of Canada's place in the world economy. At the international level, it will be argued that there is a crisis of accumulation in the world capitalist system, whose only historical parallel was the crisis of 1870 to 1890. The expected result is not an imminent collapse of the system but a restructuring of the international division of labour and reconsolidation of capital.