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