The Decline of Capitalism: Can the Self-Regulated Profits System Survive?
Should we be more concerned that collapsing share values and widespread corporate failure and fraud beg some serious questions about the viability of the present world economy? Harry Shutt persuasively demonstrates that the present crisis is the culmination of 30 years of deepening stagnation. Faced with a long-term trend of reduced demand for both capital and labor the world economy has only avoided a vast recession through growing reliance on official subsidy and market distortion. Shutt points out that regulatory reform can only work by limiting profitability but that a more sustainable model is unacceptable to ruling elites. He outlines an agenda for fundamental changes, based on the premise that the primacy of private profit is no longer compatible with the priorities of modern democracies.
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accounts Arthur Andersen assets audit bankruptcy billion boom Britain bubble business cycle capacity capitalist capitalist profits system cent century Chapter Citigroup collapse companies competitive conflicts of interest continuing criminal demand deregulation developed disaster distortion dotcom dotcom bubble economic growth economists effective Enron enterprise fact failure financial crisis financial institutions financial markets fraud fund managers global establishment Hence income increasing increasingly industrialised industrialised countries industrialised world industry inevitable inflation insolvency investment investors Japan Keynesian largely levels major market crash mass mass media massive maximisation meltdown ment mergers monetarism Money Programme moral hazard Moreover neoliberal nomic notably obvious OECD official outlets particularly pension funds pension schemes political potential pressure privatisation propaganda prospect reality recognised result rise securities share shareholders Shutt social Soviet speculative stagnation stock market stock market bubble subsidy sustained telecommunications tion Trouble with Capitalism Western World Bank