Another interesting analaysis
Another interesting analaysis of the present slump (“The First Depression of the 21st Century) here, by Anwar Shaikh. The text of this talk (which is not quite the same) can be found here.What is interesting, apart from his emphasising that capitalism is not geared to meeting effective demand and bringing out the relationship between the rate of interest and the rate of “profit of enterprise”, is that he concludes by saying that eventually world capitalism will recover from the present depression (even if not for ten years) and that this puts him in a tiny dwindling minority. Not quite of course because we say this too even if it is a bit of a downer for all those who think capitalism is collapsing or about to collapse soon. To tell the truth, I sometimes find myself reluctant to express this view when discussing with people who believe this as it could demotivate them and makes us appear less anti-capitalist than them. Still, the truth must be told.