[Marxism] Notes on the current crisis of capitalism

[S. Artesian]

I'm not sure what "part" of the 70s you are referencing.  I think that 
economic events after 1969 are better explained by the decline in the rates 
of return on investment, which were caused by the "over accumulation" of 
capital.  The OPEC 1 price spikes served to boost that rate of return for 
the oil industry with the resulting floods of petro-dollars recycling into 
more capital investment. OPEC 2 and the Volcker recession brought an end to 
this, and rates of growth, capital investment, declined, with real wages 
being depressed in the 1980s and the material effects NOT being nullified by 
increases in consumer credit or "fictitious capital."


----- Original Message -----
From: <Jscotlive at aol.com>
To: <sartesian at earthlink.net>
>
> No, but underconsumption can lead to overproduction if demand continues to
> fall. This occurred during the slump of the 1970s, a slump which resulted 
> in
> the  abandonment of Keynesianism in the US and UK and the free market 
> structural
> adjustment of both economies.
>
> In response to the falling rate of profit real wages have been depressed,
> with the material effects nullified through the availability of consumer 
> credit
> and the prevalence of fictitious capital.