[Marxism] Big Challenges Facing Janet Yellen | A Critique of Crisis Theory

Louis Proyect lnp3 at panix.com
Tue Feb 25 03:30:00 MST 2014

In reality, the economic recovery from the 2007-09 “Great Recession” has 
been far weaker than the vast majority of economists had expected. 
Indeed, a strong case can be made that both in the U.S. and on a world 
scale—including imperialist countries, developing countries and the 
ex-socialist countries of the former Soviet Union and Eastern Europe, as 
well as oppressed countries still bearing the marks of their 
pre-capitalist past—the current recovery is the weakest in the history 
of capitalist industrial cycles.

The continued stagnation of the U.S. economy six and a half years since 
the outbreak of the last crisis has just been underlined by a series of 
weak reports on employment growth and industrial production. For 
example, according to the U.S. Federal Reserve Board, U.S. industrial 
production as a whole declined 0.3 percent in January, while 
manufacturing, the heart of industrial production, declined by 0.8 percent.


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