“The Long Stagnation and the Class Struggle” [PDF], Journal of Economic Issues, vol. 31, no. 2 (June 1997), pp. 445-51. (Included among select papers published from the Association of Evolutionary Economics, 1997 Annual Meeting.)
For more than a quarter-century, the advanced capitalist economies have been mired in a condition of economic stagnation, characterized by slow growth, sluggish investment and high levels of unemployment and excess capacity. Since this condition has persisted so long and shows no signs of abating despite the current cyclical upswing, it seems appropriate to label it the “Long Stagnation,” thus distinguishing it from other periods of stagnation, most notably the “Great Depression” of the 1930s.