The Great RecessionThe Great Recession of 2008-9 was the worst slump in the world economy since the Great Depression in the 1930s. Michael Roberts forecast that it would happen a few years before and in this book he explains why the Great Recession happened - relying on Marx's analysis of the laws of motion in a capitalist economy. And he makes predictions of whether and when it could happen again. |
Contents
Chapter | 3 |
Chapter | 28 |
The profit cycle and the stock market | 49 |
The profit cycle and economic recessions | 69 |
Profit cycles elsewhere | 77 |
From boom to slump | 113 |
The economic witchdoctor of capitalism | 119 |
Capitalism unleashed | 129 |
Socialism for the rich capitalism for the poor | 215 |
Credit crunch | 221 |
All Keynesians now? | 229 |
Unprecedented | 235 |
The Great Recession | 243 |
Chapter 40 | 253 |
Cycles and crisis | 259 |
Business as usual | 291 |
Common terms and phrases
advanced capitalist Alan Freeman argued average rate bear market Bear Stearns Ben Bernanke bonuses borrowing British capitalism bull market bust capitalist economy capitalist production capitalist system China companies composition of capital constant capital cost credit crunch crises debt economic growth economic recession economic slump economists fictitious capital financial sector global globalisation going Golden Age Goldman Sachs Gordon Brown graphic house prices households housing market huge income industrial inequality inflation interest rates investment investors Japan Juglar Keynesian Kliman Kondratiev cycle labour movement levels loans Marx’s Marx's law Marxist rate mass of profit measure mortgage motion of capitalism Northern Rock organic composition output peak period productive sectors profit cycle profit downwave profit falls profit to fall rate of profit real estate share spending stock market cycle sub-prime surplus-value trough to trough unemployment unproductive upwave value rate variable capital wages workers workforce