“Monopoly-Finance Capital and the Paradox of Accumulation“, (coauthored with Robert W. McChesney, Foster listed first), Monthly Review vol. 61, no. 5 (October 2009), pp. 1-20. DOI: 10.14452/MR-061-05-2009-09_1
This month marks the eightieth anniversary of the 1929 Stock Market Crash that precipitated the Great Depression of the 1930s. Ironically, this comes at the very moment that the capitalist system is celebrating having narrowly escaped falling into a similar abyss. The financial crash and the decline in output a year ago, following the collapse of Lehman Brothers, was as steep as at the beginning of the Great Depression. “For a while,” Paul Krugman wrote in the New York Times in August, “key economic indicators — world trade, world industrial production, even stock prices—were falling as fast or faster than they did in 1929-30. But in the 1930s the trend lines kept heading down. This time, the plunge appears to be ending after just one terrible year.” Big government, through the federal bailout and stimulus, as well as the shock-absorber effects of the continued payouts of unemployment and Social Security benefits, Medicare, etc., slowed the descent and helped the economy to level off, albeit at a point well below previous output.
- Reprinted in John F. Sitton, ed., Marx Today: Selected Works and Recent Debates (New York: Palgrave-Macmillan, 2010), 185-200.
- Galician translation by Xosé Díaz Díaz in Terra e Tempo (no. 2, 2010), http://www.terraetempo.net.
- Arabic translation by Thamer Al-Saffar, Civilized Dialogue, May 24, 2010, http://www.ahewar.org.
- Chinese transltion in Foreign Theoretical Trends,2010.
- Turkish translations appears in Kapitalizmin Finansal Krizi, edited by Prof. Dr. Abdullah Ersoy (Ankara, Turkey: Imaj Publishing, 2011), 330pp; and in Monthly Review, Turkish edition, 26 (Istanbul: Kalkedon Publications, March 2011).
- Bangla translation in Bangla Monthly Review, vol. 2. no. 2 (March 2010). Translation by Farooque Chowdhury.