[Marxism] Fwd: Capitalism and Anwar Shaikh | Michael Roberts Blog

Louis Proyect lnp3 at panix.com
Tue Apr 5 06:15:55 MDT 2016

Shaikh reckons that on the surface, the last crisis, the Great 
Recession, looks like a crisis of excessive financialization. But this 
fails to identify the real cause of the crisis.  Keynesians and Post 
Keynesians argue that the cause of the current crisis is inequality and 
unemployment, so there is a need to maintain a stable wage share and to 
use fiscal and monetary policy to maintain full employment. But Shaikh 
argues that such policies would not work because, at least in the US, 
the post-Keynesians have got the causes of the crisis wrong, the cause 
of which is the movement in profitability – the dominant factor under 


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