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> So the explanatory scheme for the current crisis that one can deduce > from this & some other papers looks like this: > > 1. The economy started in post-war period with high profit rates in > industry which led to an industrial investment boom. > 2. The boom led to overinvestment in productive sectors which created > excess capacity. These developments led to fall in the industrial > profit rates & rapid growth of finance. Perhaps 2.5 could be increased competition from other countries, particularly Germany and Japan. These countries had rebuilt their plants after WWII, which were now more modern than U.S. plants and could produce products, such as automobiles, that were superior to U.S. products. This contributed to U.S. manufacturing overproduction. Glenn ________________________________________________ Send list submissions to: Marxism@lists.econ.utah.edu Set your options at: http://lists.econ.utah.edu/mailman/options/marxism/archive%40mail-archive.com
