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The present world crisis of capitalism means we have entered a new period in which the workers will face a situation of permanent austerity, with cuts in welfare and attacks on working conditions. This is already having a radicalising affect on millions of workers and youth, particularly in Latin America and other underdeveloped parts of the world and it is spreading to the advanced countries also. Alan Woods continues his review (given at a meeting in Europe last month) of the unfolding crisis of world capitalism, (Click here to read part one)