The background to the article reprinted here is the “long boom” of western capitalism during the 1950s and 1960s. It first appeared in International Socialism journal in Spring 1967. On the surface it appeared that the capitalist system had stabilised itself, had broken out of the boom-slump cycle and was now able to offer the workers of Western Europe and North America a steady increase in living standards.
This was a frustrating world for Marxists, who found themselves subject to two temptations. One was to surrender to the claims poured out by the system’s apologists that capitalism had solved its problems and that the path of gradual reform offered a sure road to socialism. The other was to deny the obvious signs of stability and prosperity and assert that capitalism was on the verge of imminent, catastrophic collapse. If these temptations were to be avoided, and Marx’s analysis of capitalism’s contradictions was to hold, then the long boom must be explained.
Tag: business cycles
China’s economy is still far out growing the U.S. – contrary to Western media “fake news”
GDP data for China, the U.S., and the other G7 countries for the year 2023 has now been published. This makes possible an accurate assessment of China’s, the U.S., and major economies performance—both in terms of China’s domestic goals and international comparisons. There are two key reasons this is important.
China’s economy is still far out growing the U.S. – contrary to Western media “fake news”
Visions of inequality
In this next of a series of reviews of some important books published this year, I look at Branco Milanovic’s Visions of Inequality.
Visions of inequality
Real Estate CEO: Recession Could Be “Good” if “Unemployment … Puts Employers Back in the Driver Seat”
The CEO and president of Douglas Emmett Inc., a real estate corporation worth over $3 billion and based in Santa Monica, California, said on an August 2 corporate earnings call that a recession could be “good” for the commercial real estate business “if it comes with a level of unemployment that puts employers back in the driver seat and allows them to get all their employees back into the office.” The executive, Jordan Kaplan, then repeated that “the thought would be that unemployment would be up. And therefore, employers would be in the driver seat to bring people back in the office, which is where they want them.”
Real Estate CEO: Recession Could Be “Good” if “Unemployment … Puts Employers Back in the Driver Seat”
Ms. Cat’s Chronicles 