On 11/16/12 9:48 AM, Carrol Cox wrote: > Try this as a provisional account of what has happened and is happening. > > The period from FDR through Nixon (as well as the "social democratic" gains > in Europe) was a fluke in capitalism. Now there is a return to the norm. > "The Great Recession," then, is a misnomer: What we have is The Great > Transition. And see the final chapter of Wages, Price and Profit. > > Carrol >
This is exactly right. That is why all the expectations about "recovery" are so ill-placed. Implicit is the notion that things can return to what they were in the late 50s when job security, a rising wage, affordable health insurance and college educations, etc. were the norm. The scary truth is that post-war prosperity was grounded in the war itself as capitalism followed a scorched earth policy that paved the way for the new expansion based on technologies that were developed during the war (aluminum, plastics, telecommunications, micro-circuitry, etc.) _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
