The Irreversible Crisis: Five Essays
Monthly Review Press, Jan 1, 1988 - Business & Economics - 76 pages
This is the fifth in the important series of essays by the former editors of Monthly Review analyzing the ongoing crisis of global capitalism. Following the multiple interconnected stock market crashes of October 1987, the economies of the capitalist world entered a new and dangerous phase of the crisis that began in the 1970s with the end of the post-WWII boom. Sweezy and Magdoff argue that far from being a temporary setback, the events of late 1987 are rooted in the nature of the capital accumulation process itself and therefore unlikely to be reversed. Their argument is especially prescient when viewed in light of the financial meltdown of 2008.
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Stagnation and the Financial Explosion
Capitalism and the Distribution of Income and Wealth
The Stock Market Crash and its Aftermath
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activity advanced capitalist countries Alan Greenspan analysis billion borrowing bourgeois business cycle capital accumulation capital investment capitalist economy central bankers century chain reaction collapse commodities competition consumer debt continue corporations course credit cycle David Ricardo debt explosion decline deficit spending deflation demand for investment Depression developments dollar economic expansion economists enormous Eurocurrency factors factors of production Federal Reserve Felix Rohatyn Financial Explosion financial system firms forces global Greenspan growth happened Harry Magdoff Henry Kaufman imbalances important income increase industries inflation investment banks investment capital Keynes Keynesian major Malaise ment monetary neoclassical economics nonfinancial business normal October 19 operations outstanding debt panic percent period political potential problem production profit Reagan Reaganomics real estate reason recession recovery relative saving Second World speculation stagnation stock market crash stock prices supply of investment Sweezy tendency theory tion today's trade deficit turn U.S. economy unemployment United unprecedented whole