The recent financial meltdown and the recession that is following it have exposed the hollowness of the economic predictions of the bourgeois economists. Now the world economic crisis poses the question of socialism point blank. The ruling class is “tobogganing toward catastrophe with its eyes closed”. As Alan Woods explains in this introduction to a new Spanish edition of the Transitional Programme, these words of Leon Trotsky in 1938 might have been written yesterday.

Despite the fact that the leaders of the Spanish unions are still trying to maintain social peace at all costs and despite the psychological impact of the economic crisis, the whole social environment is heating up very fast, such that a sudden entry onto the stage of the Spanish working class as a whole is being prepared.

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