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Currently viewing articles tagged with Recession.
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Trends to barbarism and prospects for socialism
Western societies and states are moving inexorably toward conditions resembling barbarism; structural changes are reversing decades of social welfare and subjecting labor, natural resources and the wealth of nations to raw exploitation, pillage and plunder, driving living standards downward and provoking unprecedented levels of discontent.
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Keynes and the crisis
A spectre has returned to haunt the left — the spectre of Keynes. The Left kept it at bay in the 1950s and 1960s by pretending that “reformist” and “ineffectual” “Keynesianism” was Keynes. But it was so far removed from Keynes’ profound critique of the doctrine and reality of capitalism that one eminent economist called it “bastard Keynesianism.”
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Actually, it’s the system, President Obama
Global capitalism’s deterioration is fast outrunning the disorganized, uncoordinated patchwork of too-little-too-late government “programs.” Nothing illustrates this sorry spectacle better than the twists and turns of U.S. monetary policy to be executed by the Federal Reserve, and Congress’s just-passed “stimulus” program, about to be enacted by the Obama administration.
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The Return of Mr. Keynes
John Maynard Keynes has returned from the graveyard of discarded and abandoned theorists. Blamed for the strange brew known as stagflation, Keynes’ economics had been unceremoniously dumped there in the mid-seventies. His economics was replaced by that rediscovered nineteenth-century concoction of deregulation, privatization and free trade that, under the rubric of neoliberalism, ruled economic policy making for the past quarter century. And so, the cycle turns.
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The Great Recession
Capitalism is currently enmeshed in its most calamitous economic crisis since the Great Depression. And, just as in that earlier historic conjuncture, while visiting enormous trauma and privation upon working people, this crisis pried open the seams of the system in a way that opened up possibilities — too soon foreclosed — for a different tomorrow. So, the current crisis is a watershed, heralding both pain and the prospect of change.
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Perspectives on the U.S. Financial Crisis
It is time to take stock. The centrality of the American economy to the capitalist world — which now literally does encompass the whole world — has spread the financial crisis that began in the U.S. housing market around the globe. And the emerging economic recession triggered in the U.S by that financial crisis now threatens to spread globally, as well.
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