For some inexplicable reason I am cyber-debating some American social democrat. He insists that the 1974-75 oil shock caused the US recession and (implicitly) US decline from hegemony and the good days. We three all disagree with each other on many questions but I *think* that we all agree that this theory is ridiculous. In his magnum opus that appeared in New Left Review in 1998, Brenner dismisses this argument out of hand by noting that the recession began in 1973 so the oil shock argument doesn't even make sense. He only spends one line on this though, dismissing it out of hand. Does anybody know any other good sources that don't use much dogmatic rhetoric?
-- Marxism list: www.marxmail.org
