The author, latterly, of the gloomy Business Civilization in
Decline (1976) has shifted gears; in this brief essay he quietly
and firmly addresses the question of why, though the 1973-74
economic crisis has been weathered, recovery has been slow and
unease remains. On the assumption that the system is faulty,
Heilbroner reviews the process of economic growth as delineated by
Marx, identifies the sources of potential disruption (e.g., labor's
tendency to resist irksome work during long periods of prosperity),
and concludes that success - not malfunction - makes the system
crisis-prone. Persistent inflation also figures - owing, in
significant measure, to government intercession to maintain
economic performance and meet ever-rising expectations. Advances
are uneven, so different groups (unions, companies, the unemployed)
jockey for position, creating "a vicious and mounting spiral." And
when government acts to rein in the (government-induced) process,
recession occurs, resulting in "stop-go' business cycles. A current
contributory factor is "the rise and subsequent fall of the
American imperium" - by which Heilbroner means, finally, the
battering of the dollar. But this, given the inherent strength of
the American economy, suggests that something irrational is
involved, a crisis of confidence. And it is here that Heilbroner is
perhaps most subtle and astute, for he notes, inarguably, that the
capitalist class has never been convinced that "the economic
vehicle would not tip over" nor could it "square the results of the
economic system with the values of its political and social
beliefs." From insecurity and defensiveness, then, come the
system's swings in mood. How to get it back to steady, sustained
growth? Only by economic planning, Heilbroner maintains, and finds
it warranted, even mandated, by environmental problems. Some
long-range prognostications follow, but the basic argument is so
succinct, so concrete and pertinent as to be within anyone's reach
- and decidedly worth attention. (Kirkus Reviews)
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