The Great Recession
The 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.
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Contents
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The Great Recession before
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1 |
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Profits the life blood of capitalism
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4 |
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The property time bomb
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9 |
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The time bomb is now ticking
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15 |
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The perfect circle of successs
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21 |
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Marxs law of profitability
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27 |
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Marx and the profit cycle
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33 |
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The secular decline in profitability
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41 |
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The rocky road to ruin
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167 |
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Credit crunch
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175 |
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Panic
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183 |
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Capitalism beared
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187 |
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Black swans and economic recession
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193 |
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Credit crunch one year on
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199 |
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Financial meltdown
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207 |
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Socialism for the rich capitalism for the poor
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215 |
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The profit cycle and the stock market
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49 |
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The profit cycle and Kondratiev
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55 |
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The profit cycle and business cycles
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61 |
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The profit cycle and economic recessions
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69 |
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Profit cycles elsewhere
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77 |
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Law of profitability and 19th century Britain
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87 |
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The profit cycle and politics
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91 |
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Summing it up
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99 |
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Dr Pangloss rules
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105 |
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From boom to slump
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113 |
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The economic witchdoctor of capitalism
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119 |
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Gordons year
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123 |
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Capitalism unleashed
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129 |
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Equality inequality and opportunity
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135 |
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Will there be a slump?
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141 |
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Reclaiming Marxs Capital
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147 |
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The mass of profit and crisis
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155 |
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The Great Recession during
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159 |
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Stock markets in turmoil
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161 |
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More stock market nerves
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165 |
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A kick in the face for capitalism
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217 |
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Credit crunch who pays
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221 |
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All Keynesians now?
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229 |
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Unprecedented
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235 |
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The Great Recession
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243 |
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The Great Recession after
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251 |
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Human nature and capitalist crisis
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253 |
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Cycles and crisis
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259 |
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Marxist theories of crisis
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261 |
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The Great Recession is it over?
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265 |
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The bankruptcy of economics
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275 |
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Will there be another slump?
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281 |
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A nasty Turner for the worse
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287 |
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Business as usual
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291 |
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What next?
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299 |
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Appendix A Measuring the rate of profit
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305 |
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Appendix B Accumulation and capitalist consumption
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311 |
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Bibliography
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315 |
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Common terms and phrases
advanced capitalist Alan Greenspan American argued Bank of England bankers Bear Stearns Ben Bernanke bonds bonuses boom and slump borrowing Britain bubble bust capitalist economy capitalist production capitalist system central banks China collapse companies composition of capital constant capital cost credit crunch crises debt decline downwave economic growth economic recession economic slump economists eventually F eb fictitious capital financial sector global globalisation going Golden Age Goldman Sachs Gordon Brown Greenspan house prices households housing market huge income industry inequality inflation interest rates investment investors Japan Keynesian Kliman Kondratiev cycle lend levels loans Marx’s law mass of profit measure mortgage motion of capitalism Northern Rock organic composition output peak period productive sectors profit cycle profit downwave profit to fall rate of profit real estate rising share spending stock market cycle sub-prime surplus-value unemployment unproductive upwave variable capital workers workforce