[OPE-L:6103] Re: Re: falling profits

From: Fred B. Moseley (fmoseley@mtholyoke.edu)
Date: Mon Oct 29 2001 - 01:02:48 EST

On Fri, 26 Oct 2001, Patrick L. Mason wrote:

> I agree with Paul that "crisis" isn't the appropriate world to use for the 
> US economy. 1974 - 1992 might accurately be described as a crisis. But, 
> this year's slump is probably no more than the common garden variety 
> recession - a 9 month dip then return to growth. 

Patrick and Paul Z., I promise:  if the current recession turns out to be
the "garden variety" type, I will not use the word crisis again.

> During the 1970s and 1980s 
> the US economy was thoroughly restructured and the least internationally 
> competitive firms were brutally weeded out.

But the rate of profit for the economy as a whole recovered less than half
of its prior decline.  Does this not suggest that the profitability
problems were not entirely solved?

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