On 5/16/07, Carrol Cox <[EMAIL PROTECTED]> wrote:
Let's keep the word "depression" to indicate a major collapse of the capitalist system as a whole, as happened in the 1930s. But we do need a better word than "recession" for what happened in Japan in the '90s or what happened in the u.s. in 1974-75, as well as catastrophes such as is currently occurring in Michigan.
Regional economic implosion. Albeit these sorts of occurrences cause economic ripples far beyond the 'region', such as some Michigan auto worker who needs to pull the kid out of college elsewhere because mom & dad are living in a car now... impacting that coffee shop/bookstore/Urban Outfitters in whichever college town the former student resided. Leigh
