The Great Recession of 2008-9 was the worst slump in the world economy since the Great Depression in the 1930s. Michael Roberts forecast that it would happen a few years before and in this book he explains why the Great Recession happened - relying on Marx's analysis of the laws of motion in a capitalist economy. And he makes predictions of whether and when it could happen again.
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Person Reviewed This Product
Jan 3, 2010
A fast read book filled with facts not usually cited in the mass media. All views of The Great Recession as determined by simple chance, the human nature or stupid government policies are clearly refuted (even though it is explained how the last have aggravated it). It is argued that the Great Recession was a product of the dynamics of the capitalist system. It could only have been avoided if the whole system had been placed in the Museums where it rightfully belongs together with the stone axe. In the aftermath of the crisis we are still seeing daily mass sackings and the downward pressure on wages is actually accelerating. Therefore it is important with a book like this where it is shown that the bosses is not only responsible for the crisis, they are actually also in great numbers profiting it from it. A book that defends the working class. Especially the author’s insight into the global financial system combined with his Marxist method of analysis is very interesting. His use of... More > Kondratiev cycles is clearly arguable – also from a Marxist point of view. The precise mechanics of Marx’ tendency for the rate of profit to fall and its relation to crisis is also pretty unclear. But even if you disagree with some of the underlying theoretical arguments, the facts and statistics of the book are powerful in themselves. It is clearly a good read if you not satisfied with the right wing exposition and “analysis” we see daily in the papers and on the TV.< Less
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