Rakesh Bhandari wrote: >Doug thinks Marx was an underconsumptionist; at the same Doug >subscribes to the wage led profit squeeze thesis.
See, this is exactly what I was thinking of when I quoted Callari's observation that VT is a substitute for politics. I don't think you could ever prove this conclusively one way or the other using numbers. But in political terms, it's not the least bit ambiguous - the ruling class felt like it was losing control in the 1970s. Workers were sullen and rebellious, the U.S. lost the Vietnam War, and the Third World was talking about a new world economic order. As Paul McCracken's report for the OECD put it (and I wish I could find this exact quote again, it was a beaut), anxiety over inflation was inseparable from masses in the streets. The rebels were crushed. Doug
