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The Faltering Economy


Paperback, 357 pages
ISBN-13: 978-0-85345-604-9

Released: January 1984

The essays in this volume, by veteran economists as well as younger scholars, are part of a radical attempt to grapple with the problems of advanced capitalist development without discarding the real theoretical breakthroughs made by Keynes. The contributors argue that Keynes was correct in pointing to the economic contradictions stemming from unemployment, incoming inequality, and speculative finance, but failed to consider the class composition of social output, the macroeconomic effects of the modern firm, and the atrophy of investment under conditions of capitalist maturity. They thus seek to uncover the sources of stagnation under monopoly capitalism by building on the work of three of the great economists of modern times: Marx, Keynes, and Kalecki.

The Editors of this excellent volume have drawn on the best Marxian literature to show convincingly that monopoly capitalism tends toward economic stagnation; and that waste, militarism, burgeoning debt, and inflation are the necessary features of this stage of capitalist development. The book is indispensable for a clear understanding of the recurrent problems of mature capitalism.

—John G. Gurley, professor of economics, Stanford University

Contributors include Maurice Dobb, John Bellamy Foster, Michael Kalecki, Harry Magdoff, Jacob Morris, Howard Sherman, Ron Stanfield, Josef Steindl, Paul M. Sweezy, Paolo Sylos-Labini, and Henryk Szlajfer.

John Bellamy Foster is editor of Monthly Review. He is professor of sociology at the University of Oregon and author or co-author of The Ecological Revolution, The Great Financial Crisis Critique of Intelligent Design, Naked Imperialism, Ecology Against Capitalism, Marx’s Ecology, The Vulnerable Planet, and The Theory of Monopoly Capitalism. Henryk Szlajfer is a Polish economist and sociologist. He is Professor at the University of Warsaw and an official of the Polish Ministry of Foreign Affairs, and has served as Ambassador of the Republic of Poland to the OSCE, IAEA and other international organizations in Vienna.

Format Clear

Publication Date: January 1984

Number of Pages: 360

Paperback ISBN: 9780853456049