On Mon, Dec 15, 2008 at 4:37 PM, Michael Perelman <[email protected]> wrote: > I regard the crisis in the manifestation of deeper contradictions that may > be pestering over a long period of time.
festering... but pestering works too! The Taft-Hartley law was the > opening salvo in a long struggle to roll back the New Deal. The 1960s were > a setback to this project, but it picked up with a vengeance during the > 1970s. > > The Confiscation of American Prosperity fortuitously came out in October > 2007, while the stock market was peaking. I concentrated on the period > following the 1960s, but Gene's starting point is also a good place to > begin. Class warfare increased profits, which followed a Minsky-like > trajectory to hedge financing and finally Ponzi status. > > But the underlying problem was not finance, but rather an ongoing neglect > of basic forces of production, both human and produced. Kindleberger once > wrote: "Details proliferate; structure abides." > > I'm not alone in making this point, but it has certainly not been center > stage in much discussion lately. Gene deserves credit for bringing it to > our attention. > > > > -- > 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 > -- Sandwichman _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
