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Setting out from an unapologetic Marxist perspective, The Long Depression argues that the global economy remains in the throes of a depression. Making the case that the profitability of capital is too low, and the debt built up before the Great Recession too high, leading radical economist Michael Roberts persuasively presents his case that this depression will persist until the profitability of capital is restored through yet another slump.
Price: $19.00
Pages: 360
Publisher: Haymarket Books
Imprint: Haymarket Books
Publication Date:
19 July 2016
Trim Size: 8.38 X 5.25 in
ISBN: 9781608464685
Format: Paperback
BISACs:
"This book is a tour de force analysis of the current global economic crisis and the preconditions and prospects for recovery in the years ahead. Based largely on empirical data and Marx’s theory of the falling rate of profit, Roberts argues that the world economy is in a long depression due to a falling rate of profit and a massive increase of debt. He argues further that a full recovery and a return to more prosperous conditions requires a prior even more severe depression, characterized by widespread bankruptcies, which would devalue capital and restore the rate of profit and would also wipe out much of the debt. He argues that a much better alternative would be to wipe out capitalism and construct a more democratic and egalitarian economy that is not vulnerable to recurring depressions."
Fred Moseley, professor of economics, Mount Holyoke College
With great clarity, Michael Roberts explains capitalism’s necessary proneness to profound economic crises and surveys the course of the current and previous depressions. Extensive use of empirical evidence, very accessibly presented, make his own main, Marxist argument and refutations of rival explanations persuasive. This book is at once an engaging read and a powerful political weapon.”
Rick Kuhn, honorary associate professor at the Australian National University and winner of the 2007 Isaac Deutscher Memorial Prize
Since the global economic crisis, Michael Roberts’s blog has become the indispensable source for those on the left seeking to understand and challenge capitalism. This book presents, with admirable clarity, the ideas drawn from Marxist political economy upon which his analysis rests. Anyone who wants to understand how we ended up here, where we are going, and what we should do about it must read The Long Depression.”
Joseph Choonara, author of Unravelling Capitalism: A Guide to Marxist Political Economy
Michael Roberts has established himself as one of the foremost bloggers and theoreticians of classical Marxism. Here he takes on the economic orthodoxy, both Keynesian and neoclassical, as to the causes of the Great Recession and of depressions in capitalism going back to the nineteenth century. [While] the new normal’ and secular stagnation’ have be[come] clichés rather than explanations for the slow growth in the world economy since the 2008 crash, Michael Roberts reaches deep into the history of capitalism to set out a Marxist explanation for recent developments.”
Mick Brooks, author of Capitalist Crisis: Theory and Practice
The Long Depression is an impressive review of the global economic crisis. Marshalling a wide range of evidence, Michael Roberts counters the facile explanations of establishment commentators and many alternative’ economists, showing instead how the origins of this crisis, and other historical examples, have clear links to declining capitalist profitability. Covering a wide range of topics, from stagnant productivity growth and high unemployment to the prospects for the BRICS countries, robots, and climate change, this book will educate readers about the outlook for capitalism today.”
Tony Norfield, author of The City: London and the Global Power of Finance
Michael Roberts has worked as an economist for over 30 years in the City of London financial centre. He is author of The Great Recession: a Marxist view, published in 2009.
The long depression of the early 21st century –
how it happened, why it happened and what happens next
Introduction: Getting depressed
Chapter 1: The Long Depression of the late 19th century
Chapter 2: The Great Depression of the mid-20th century
Chapter 3: The Great Recession of the 21st century
Chapter 4: The cycle of profit
Chapter 5: Debt matters
Chapter 6: From slump to depression
Chapter 7: America crawls
Chapter 8: Europe deflates
Chapter 9: Japan stagnates
Chapter 11: The rest cannot escape
Chapter 11: Cycles within cycles
Chapter 12: Past its use-by date?
Appendix 1: How to measure the rate of profit
Appendix 2: The failure of Keynesianism
Sources and methodology for the figures
References
Index
how it happened, why it happened and what happens next
Introduction: Getting depressed
Chapter 1: The Long Depression of the late 19th century
Chapter 2: The Great Depression of the mid-20th century
Chapter 3: The Great Recession of the 21st century
Chapter 4: The cycle of profit
Chapter 5: Debt matters
Chapter 6: From slump to depression
Chapter 7: America crawls
Chapter 8: Europe deflates
Chapter 9: Japan stagnates
Chapter 11: The rest cannot escape
Chapter 11: Cycles within cycles
Chapter 12: Past its use-by date?
Appendix 1: How to measure the rate of profit
Appendix 2: The failure of Keynesianism
Sources and methodology for the figures
References
Index