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>On Tue, 9 Sep 2003, Doug Henwood wrote:
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>> I agree with the last part, but I'm also worried that the U.S. economy
>> has come down with a case of accumulation crisis
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>Just out of curiousity, what do you mean by an accumulation crisis?
I was kind of making a joke, based on O'Connor's book title, but what I meant was that the great increase in the U.S. profit rate that ran from 1982 to 1997 reversed during the recession and has partly recovered based only on extreme cost-cutting and speedup. Growth and investment are slow, and I think it's a more-than-cyclical problem. It may be that the whole neoliberal period has hit a wall, and that its contradictions are coming to full ripeness: ruinous competition, a deflationary bias, etc. We'll see....
Doug