By Paul M. Sweezy, Harry Magdoff
This is the fourth in a continual sequence of accrued essays by means of the previous editors of Monthly Review at the kingdom of the U.S. economic system and its relation to the worldwide process. Like its predecessors, this quantity specializes in the newest part of the advance of U.S. capitalism, stressing the profound contradictions of the underlying tactics of capital accumulation and pointing how you can the basic reforms which are the basic precondition for a true fiscal revival.
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Additional info for Economic History as it Happened, Volume 4: Stagnation and the Financial Explosion
In d ia, a n d S outh K orea. In tracing the causes of the re-emergence of stagnation ill the 1970s, the crucial point to keep in mind is that every one ofl the forces which powered the long postwar expansion was, a n « was bound to be, self-limiting. This indeed is part of the verjl nature of investment: it not only responds to a demand, it alscl satisfies the demand. Wartime damage was repaired. Demand! deferred during the war was satisfied. The process of building! up new industries (including a peacetime arms industry) re-I quires a lot more investment than maintaining them.
Economic Report ofthe President, February 1982, p. ) This nonsense was written at the time when, according to the official figures, ten million people were unemployed, millions o f workers were on part time because full-time jobs were not available, and all that business could provide to the employed was an average work week o f less than 35 hours. Yet despite the obvious failure of the experiment, supplyside thinking lives on. It has already become em bedded in to day’s textbooks and is being taught in high schools and colleges as a respectable doctrine.
W hether he would have done so, in view of his ideological at tachm ent to capitalism, is naturally a m atter of speculation. Readers of m o n t h l y r e v i e w know that, in contrast to Keynes, we have an entirely different view of w hat it will take to lib erate the enormous latent power of today’s advanced economies from the stranglehold of capitalist control. But unlike the estab lishment economists of our time, including his latter-day fol lowers, Keynes at least knew that there were real and deadly serious problems to be dealt with, and he was not afraid to tackle them.
Economic History as it Happened, Volume 4: Stagnation and the Financial Explosion by Paul M. Sweezy, Harry Magdoff