Phases of Capitalist Development: Booms, Crises and Globalizations

Phases of Capitalist Development: Booms, Crises and Globalizations

Richard Westra

Language: English

Pages: 352

ISBN: 033375316X

Format: PDF / Kindle (mobi) / ePub

In this collection authors from eight different countries, representing a wide variety of academic disciplines and theoretical perspectives, investigate the differing phases of capitalist development. They offer diverse and powerful analyses of the postwar boom, economic crises and globalization within this context.

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the wealthier classes away from consumption. A paradox: the more wealth gets concentrated, the more difficult it becomes to convince the rich to consume. But to the single-minded liberal thinker, relying solely on the second half of Kalecki's observation, only the expenditures of the wealthy classes are available to relaunch production. In this way, governments arrive at the conclusion that rich people should be made even richer in order to consume a bit more: to buy a third car, hire a housemaid

States) on the inflation of stocks and real estate. Greenspan's whole policy aims at avoiding such a crash at the end of this century. It will still happen, provoking a cyclical recession in the United States, which will affect the whole world if Europe does not pick up the slack. The new crisis will come from a shortage of demand as it did in 1930. But this time it will be a global shortage. On paper, it could be resolved by a `worldwide New Deal', erasing Third-World debts, restructuring the

resurgent nationalism. In the current political conjuncture there are grounds for optimism, but certainly no room for complacency. The East Asian crisis has provoked a renewal of the democratic and working-class movements in the countries most affected, while the direction that China will follow remains uncertain. The collapse of the Soviet bloc has certainly stoked the fires of inter-imperialist rivalry in the scramble to carve out spheres of economic and political influence, and it has

ruled that state governments were immune from lawsuits charging them with violation of federal laws (New York Times, 24 June 1999, A1, A22). The US Supreme Court has even flirted with overturning the longstanding interpretation of the interstate commerce clause of the US Constitution that has formed the basis of all federal regulation of business over the past century. 9 New York Times, 18 May 1999: C11. An anonymous IRS tax collector was quoted as saying, `With this new law, if somebody says

monopolistic organizations in order to avoid cut-throat competition and to earn monopolistic profits by controlling the prices of their products. 2. In heavy industries, experienced and muscled male workers were needed in mass numbers and were employed together in large workplaces. As a result, trade unions grew among them as well as among the increasing numbers of workers in the public sector. Unions attempted to restrict free competition in the labour market, in order to defend workers' class

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