Economía marxista para el Siglo XXI


Michael Roberts Blog

Last week the Economist magazine reiterated its view that global growth has been slowing (http://www.economist.com/blogs/buttonwood/2014/09/markets-and-economy). This would be no revelation to readers of my blog, as I have been arguing that the world capitalist economy has failed to return to previous trend growth rates since the end of the Great Recession in 2009. And this confirmation that the world is a depression.

What is a depression and how does it differ from a ‘common or garden’ recession? Think of it schematically. A recession and the ensuing recovery can be V-shaped, as typically in 1974-5, or maybe U-shaped, or even W-shaped as in the ‘double-dip’ recession of 1980-2. But a depression is really more like a square-root sign, which starts with a trend growth rate, drops in the initial deep slump, then makes what looks initially like a V-shaped recovery, but that then levels off on a line that…

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