Crisis opening in 2007

US debt: into the abyss?

Chris Reynolds

“An August panic similar to those in 2007 and 2008 no longer appears far-fetched. Only this time, the global economy is far less well-equipped to cope...

“Another leg of the economic crisis which started in 2007 is a distinct possibility – and exchequers simply do not have the fire-power to offset another private sector panic”.

The falling rate of profit: how business measures its performance

Barry Finger

By Barry Finger

Socialists have been at loggerheads concerning the immediate relevance of the falling rate of profit as an explanatory backdrop to the current crisis. At the extremes are those, such as Andrew Kliman, who have argued that rates of profit in the American economy have fallen since the late 1960s and have never fully rebounded and Michel Husson and Gérard Duménil and Dominique Lévy who have argued that neoliberal policies have so raised the rate of exploitation to have, in effect, neutralized or undermined this as an underlying cause of the current crisis.