The Endless Crisis :How Monopoly-finance Capital Produces Stagnation and Upheaval from the USA to China

4.57 ( 7 Ratings by Goodreads)
The Endless Crisis
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The Endless Crisis :How Monopoly-finance Capital Produces Stagnation and Upheaval from the USA to China

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4.57 (7 Ratings by Goodreads)
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Published: 29 October, 2012
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Description

The days of boom and bubble are over, and the time has come to understand the long-term economic reality. Although the Great Recession officially ended in June 2009, hopes for a new phase of rapid economic expansion were quickly dashed. Instead, growth has been slow, unemployment has remained high, wages and benefits have seen little improvement, poverty has increased, and the trend toward more inequality of incomes and wealth has continued. It appears that the Great Recession has given way to a period of long-term anemic growth, which Foster and McChesney aptly term the Great Stagnation. This incisive and timely book traces the origins of economic stagnation and explains what it means for a clear understanding of our current situation. The authors point out that increasing monopolization of the economy--when a handful of large firms dominate one or several industries--leads to an over-abundance of capital and too few profitable investment opportunities, with economic stagnation as the result. Absent powerful stimuli to investment, such as historic innovations like the automobile or major government spending, modern capitalist economies have become increasingly dependent on the financial sector to realize profits. And while financialization may have provided a temporary respite from stagnation, it is a solution that cannot last indefinitely, as instability in financial markets over the last half-decade has made clear.
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Type Book
ISBN13 9781583673133
ISBN10 158367313X
Number Of Pages 224
Item Weight 1000 g
Publisher / Reseller Monthly Review Press,U.S.
Format paperback
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Media Reviews

The most important book yet to appear on stagnation, the central problem of modern economic reality. Essential reading for serious liberal, heterodox, radical, and all open-minded economic thinkers. -Gar Alperovitz, author of America Beyond Capitalism, and Lionel R. Bauman Professor of Political Economy at the University of Maryland
In the distinguished tradition of Paul Baran and Paul Sweezy, Foster and McChesney here combine grim analysis with bleak prognosis, reminding us that monopoly power disappeared from the textbooks but not from real life. This is a useful book for anyone raised on the reflexive American optimism of the post-war years. -James K. Galbraith, author of Inequality and Instability: A Study of the World Economy Just Before the Great Crisis
Chilling in its analysis of the evolution of global capitalism and the contours of the global class struggle . . . you cannot but ask the question: 'When do we get serious about a strategy for the Left to respond to the system of modern day robber-barons that Foster and McChesney so well analyze?' -Bill Fletcher, Jr., BlackCommentator.com; author of Solidarity Divided and 'They're Bankrupting us' And Twenty Other Myths about Unions

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