By Paul M. Sweezy, Harry Magdoff
This is the fourth in a continuous sequence of accumulated essays through the previous editors of Monthly Review at the kingdom of the U.S. financial system and its relation to the worldwide method. Like its predecessors, this quantity makes a speciality of the newest section of the advance of U.S. capitalism, stressing the profound contradictions of the underlying methods of capital accumulation and pointing how you can the basic reforms which are the fundamental precondition for a true financial revival.
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Additional resources for Economic History as it Happened, Volume 4: Stagnation and the Financial Explosion
As can b e seen place d u rin g th e G re a t D e p re s ió n of th e ^ ^ com . in T a b le 1, fixed investm ent declm ;onSu m p tio n betw een pared w ith a little over 20 p ercen t i because as m u c h 1929 a n d 1933. C onsu m p tio n held u p b Table 1 tu C r 1 Depression Investment vs. Consumption in the Gn------- ~ ___ __________________ ________ pTs u m p t i o n E x p e n d i t ures _ ? 2 Í2 2 Í------T ntal NonProducers’ re sid e n tia l D u r a b le Stru c tu res E q u ip m e n t T o ta D„ M , NmdutM.
A n d surely no one c a n follow th e S ch u m p eter line of b la m in g anti-business policies for dis- . cap italists fro m investing in th e years since th e Second C° UIk f w a r least o f all w ith a n a d m in is tr a tio n in p o w e r like th e now h av e in W a s h in g to n . W e m u s t look elsew h ere. 0 0 6 ' i s u z e e s t th a t the answer is to be found in analyzing the long o d - 25 years or s o - w hich followed th e Second W o rld W ar, d u ring which we did not have a p ro b lem of stagnation.
Perhaps it was the early 1970s, following the Penn-Central credit crunch and Nixon’s formal abandonment of the gold standard and brief experiment with wage and price controls. Or perhaps the real return of stagnation should be dated from the recession ofl974~75. In any case the second half of the 1970s displayed the phenomenon in its new form of stag flation for all to see. And there can be little doubt that it has been getting worse since then, as two sets of facts eloquently testify. First, unemployment in the advanced capitalist world (24 OECD countries) is expected to reach 30 million this year, a rate of around 10 percent of the total labor force (with figures m u ch h ig her of course for w om en, young people, a n d m in o ri ties).
Economic History as it Happened, Volume 4: Stagnation and the Financial Explosion by Paul M. Sweezy, Harry Magdoff