Twenty-five years ago, on 4th June 1989, the Tian’anmen square movement was brutally smashed by the rifles and tanks of the Chinese troops. It was a heroic movement of the Chinese people in a struggle against the bureaucracy in general, and more specifically against the lack of democracy, corruption, and the negative impact of the market economic reforms.

Luxury goods brands such as Louis Vuitton, Remy Martin and Bentley have posted falls both in growth and profits in the recent period, down from record highs. That the sales of luxuries have been booming in a period of global recession for the past few years appears remarkable in itself. This contradictory phenomenon, and its more recent decline, gives an insight into one aspect of the capitalist crisis.