My first inclination was to approach last night’s talks by Doug Henwood
and Anwar Shaikh as a kind of debate between a Marxist bull and bear.
But after Doug began to speak, I was reminded of how serious the
situation was. In just about every downturn in the American economy
since the early 1990s, Doug has quite rightly identified them as
temporary dislocations. With recent events, however, there was little to
distinguish him from Anwar Shaikh, a New School economist who has
virtually made the falling rate of profit and similarly gloomy topics
his own.
Referring to his studies of Wall Street past busts, Doug likened the
capitalist economy to the Timex wristwatch advertising slogan of the
1960s-”It takes a licking and keeps on ticking”-that was typically
spoken after watching a Timex working just fine after being sat upon by
an elephant. In the world of capitalist economics, the 1987 stock market
crash was one such elephant. After a huge drop, the market picked itself
up, dusted itself off, and began to scale new heights.
full:
http://louisproyect.wordpress.com/2008/12/05/doug-henwood-anwar-shaikh-and-financial-crisis/
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