The Endless Crisis: How Monopoly-Finance Capital

Overview

The days of boom and bubble are over, and the time has come to understand the long-term economic reality. Although the Great Recession officially ended in June 2009, hopes for a new phase of rapid economic expansion were quickly dashed. Instead, growth has been slow, unemployment has remained high, wages and benefits have seen little improvement, poverty has increased, and the trend toward more inequality of incomes and wealth has continued. It appears that the Great Recession has given way to a period of ...

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The Endless Crisis: How Monopoly-Finance Capital Produces Stagnation and Upheaval from the USA to China

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Overview

The days of boom and bubble are over, and the time has come to understand the long-term economic reality. Although the Great Recession officially ended in June 2009, hopes for a new phase of rapid economic expansion were quickly dashed. Instead, growth has been slow, unemployment has remained high, wages and benefits have seen little improvement, poverty has increased, and the trend toward more inequality of incomes and wealth has continued. It appears that the Great Recession has given way to a period of long-term anemic growth, which Foster and McChesney aptly term the Great Stagnation.

This incisive and timely book traces the origins of economic stagnation and explains what it means for a clear understanding of our current situation. The authors point out that increasing monopolization of the economy—when a handful of large firms dominate one or several industries—leads to an over-abundance of capital and too few profitable investment opportunities, with economic stagnation as the result. Absent powerful stimuli to investment, such as historic innovations like the automobile or major government spending, modern capitalist economies have become increasingly dependent on the financial sector to realize profits. And while financialization may have provided a temporary respite from stagnation, it is a solution that cannot last indefinitely, as instability in financial markets over the last half-decade has made clear.

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Product Details

  • ISBN-13: 9781583673133
  • Publisher: Monthly Review Press
  • Publication date: 9/1/2012
  • Pages: 224
  • Sales rank: 835,046
  • Product dimensions: 6.10 (w) x 9.30 (h) x 3.20 (d)

Meet the Author

John Bellamy Foster is editor of Monthly Review. He is professor of sociology at the University of Oregon and author of The Great Financial Crisis (with Fred Magdoff), The Ecological Rift and Critique of Intelligent Design (both with Brett Clark and Richard York), The Ecological Revolution, Ecology Against Capitalism, Marx’s Ecology, and The Vulnerable Planet.

Robert W. McChesney is the Gutgsell Endowed Professor in the Department of Communication at the University of Illinois at Urbana-Champaign. He is the author of The Political Economy of Media, Communication Revolution, The Problem of the Media, and Rich Media, Poor Democracy.

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Table of Contents

Charts and Tables vi

Preface vii

Introduction 41

1 Monopoly-Finance Capital and the Crisis 29

2 The Financialization of Accumulation 49

3 Monopoly and Competition in Twenty-First-Century Capitalism 65

4 The Internationalization of Monopoly Capital 103

5 The Global Reserve Army of Labor and the New Imperialism 125

6 The Great Stagnation and China 155

Notes 185

Index 220

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