In Part Three we look at how the crisis of capitalism expresses itself also as a crisis of the ruling class and then we look at Latin America, the continent where this crisis is most acute with revolutionary developments erupting in one country after another. Venezuela will be dealt with in Part Four.

Here we look at the situation in Europe, where a revival of the class struggle is clearly taking place, the contradictory process in world relations, the impasse facing the underdeveloped countries, with a particular emphasis on the situation in occupied Iraq, in Iran and in Palestine and Israel.

Without correct perspectives it is impossible to conduct fruitful revolutionary work. This document makes the case that we have entered the most turbulent period in world history. One shock after another is shaking the system to its foundations. The world situation is characterised by extreme instability, which is a reflection of the impasse of the capitalist system on a world scale.

In his concluding remarks Alan Woods stresses that we have entered a new period, one in which the working class is moving in all corners of the globe. After the defeats of the past a new generation of working class fighters is coming onto the scene of history, a generation that has no alternative but to fight. We are faced with a new revolutionary perspective, a new period that will unfold over some time. We must grasp the opportunity to build the forces of revolutionary Marxism in all countries.

Alan Woods continues his analysis of events in the rest of Latin America, in particular, the situation in Mexico where Lopez Obrador is seen as a threat to the interests of US imperialism, Argentina and the victory of Evo Morales in Bolivia and what this means. He also stresses the need to defend the Cuban Revolution, but the only way to do this is by spreading the revolution to the rest of Latin America and beyond and returning to the ideas of Lenin and Trotsky.

Here Alan Woods looks at the conflicts between Russia and China on the one side and US imperialism on the other in areas such as Central Asia, the crisis of leadership of the ruling class, the revolutionary wave sweeping across Latin America and the particular role of Chavez who is faced with the stark alternative of either capitulating to the oligarchy and imperialism or continuing along the road he has followed so far and end up putting an end to capitalism.