Yes, strong growth, deflation, panic, recurrent bankruptcies, & the response was Morganization to put an end to that. I am not sure what the "so what" test should be.
On Thu, Mar 27, 2008 at 02:12:37PM -0400, Doug Henwood wrote: > > On Mar 27, 2008, at 1:54 PM, Michael Perelman wrote: >> I did not say that the devaluation of constant capital necessarily causes >> a falling >> rate of profit, only that it can. I believe that it did during the late >> 19th C. > > Which, in the U.S. was a period of strong growth (despite recurrent panics > and deflations) - over 4% on average. So does this observation pass the "so > what?" test? > > Doug > _______________________________________________ > pen-l mailing list > [email protected] > https://lists.csuchico.edu/mailman/listinfo/pen-l -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
