[Marxism] Fwd: Learning from the Great Depression | Michael Roberts Blog

Louis Proyect lnp3 at panix.com
Thu Mar 9 05:44:40 MST 2017

The Great Depression only ended when the US prepared to enter the world 
war in 1941.  Then government took over from the private sector in 
directing investment and employment and using the savings and 
consumption of the people for the war effort. Profitability of capital 
rocketed and continued after the end of the war. Looking back, the 
depression of the  1880s and 1890s in the major economies only ended 
after a series of slumps finally managed to raise the profitability of 
capital in the most efficient sectors and national economies and so 
delivered more sustained investment – although eventually that led to 
imperialist rivalry over the exploitation of the globe and the first 
world war.

How will this Long Depression end?


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