[Marxism] Austerity economics: If I use an umbrella will it rain?
En Passant with John Passant
en.passant at bigpond.com
Sun Apr 28 05:08:43 MDT 2013
Both the US and Britain had higher than 90 percent debt after the Second World War. Rapid economic growth made this problem disappear. And this points to the real problem facing Western capitalism today. The rate of profit today is much lower than it was in the late 1940s and early 1950s.But this is beyond the ken of Kenneth Rogoff and Carmen Reinhart and their ilk.
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