[lbo-talk] let's all pray for a depression

Seth Ackerman sethackerman1 at verizon.net
Tue Jan 22 17:08:43 PST 2008


John Thornton wrote:


>Only from a position of privilege can one hope for a crisis.
>
Thanks for sharing that. I'm sure you don't mean me.


>One can just as easily argue that is was the post 1934 period that saw
>the greatest increases in labor militancy (a time of raising
>expectations, not falling)
>

1934-37 was hardly a period of rising expectations. It was a brief four-year period of mild respite from the worst of the depression, but the unemployment rate never got below 14 percent in a country with no federal unemployment insurance and only the most rudimentary welfare system. Those were excruciatingly bad times. Expectations were not rising - the conventional wisdom was that capitalism had arrived at permanent stagnation. The CIO was born during a brief, uncertain caesura within a long period of mass misery.

Seth



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