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The Endless Crisis - How Monopoly-finance Capital Produces Stagnation and Upheaval from the USA to China (Paperback)
Loot Price: R842
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The Endless Crisis - How Monopoly-finance Capital Produces Stagnation and Upheaval from the USA to China (Paperback)
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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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