Are the recurring recessions of the capitalist world merely
short-term adjustments to changing economic circumstances in a
system that tends, in general, toward equilibrium? In this
accessible study of the business cycle, Howard Sherman makes a
powerful case that recessions and painful involuntary unemployment
are endogenous to capitalism. Drawing especially on the work of
Wesley Clair Mitchell, Karl Marx, and John M. Keynes, Sherman
explains why the nature of the business cycle produces serious
economic loss and misery during its contraction phase, just as it
produces growth in its expansion phase.
Originally published in 1992.
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