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Until COVID-19 triggered the current economic crisis, the “great economic meltdown” of 2007-08 was the largest, most widespread and protracted capitalist crisis since the Great Depression of the 1930s. In response to that deep recession, ruling circles of finance capital and their governments around the world used state treasuries to bail out corporate losses to the tune of tens of trillions.

In Canada, the Conservative government of Stephen Harper announced it would spend around $30 billion to stimulate the economy, overwhelmingly in the form of corporate bailouts.

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