Abstract: This article is an analysis of the continuing global capitalist crisis, which originated in the United States during the “great recession” of 2007-2009. It outlines the dynamics and impact of the crisis on the U.S. economy and society. It shows that the crisis, which continues unabated to this day, is characterized by high rates of unemployment, low purchasing power, rising personal and institutional debt, home mortgage foreclosures, personal and corporate bankruptcies, increasing income and wealth inequality, lower living standards, and rising poverty. This article contends that the source of the current economic crisis is to be found in the growing gap between labor and capital (i.e., between wages and profits) over the past several decades. The rising productivity of labor during this period has not translated into rising incomes. The accelerated globalization of capital and further outsourcing of production, speculative financial markets, mushrooming bank loans and rising institutional and consumer debt, a dramatic increase in the price of oil, and a consequent decline in consumer spending, have triggered massive layoffs, hence rising unemployment, and led to major disruptions and dislocations in various sectors of the U.S. economy. Given the systemic nature of the crisis, this article concludes that any long-term solution to the problems of the U.S. and world economy will need to come from a thorough transformation of global capitalism