Back in September 2012, I wrote a post on whether capitalism is a mode of production that just suffers a series of crises, booms or slumps, or is instead (or also) a system that will eventually break down and collapse when it passes it ‘use-by’ date. I think I still hold to my tentative conclusions in that post
In that post, I referred to a paper by Robert J Gordon, a professor at North-Western University entitled, Is US economic growth over? – seehttp://www.nber.org/papers/w18315 and http://www.voxeu.org/article/us-economic-growth-over.
In that paper Gordon argued that the rapid technological progress under the capitalist mode of production in the last 250 years is now over. Growth in real GDP per capita, at least in the US economy, will be slower that in any extended period since the Civil War. Gordon argued there are six headwinds that will slow future innovation: an…
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