Looking and reading carefully this stripe at Greg Mankiw's Blog: Sounding like an Economist, do you think there is a liquidity trap (Keynes), a debt trap (United States) or an overproduction crisis (Marx)?
Monday, December 1, 2008
Liquidity Trap, Debt Trap or overproduction crisis?
Looking and reading carefully this stripe at Greg Mankiw's Blog: Sounding like an Economist, do you think there is a liquidity trap (Keynes), a debt trap (United States) or an overproduction crisis (Marx)?
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All three. The multi-decade neo-liberal struggle to force wages down, loot through privatization, displace living labor, etc. developed in response to Keynesian then monetarist policies' inability to resurrect the earlier and higher rate of profit which had collapsed under the weight of overaccumulation.
This latter has never been resolved but instead perpetuated/deepened in the form of a "contained depression" progressively manifest through monetary and fiscal crises of the state(s) and financial hypertrophy alongside growing poverty and long-run weakening growth.
Really, as David Harvey put it, "accumulation by dispossession" or systemic dependence on an intensified 'primitive accumulation'...capital's generalized looting of the planet in an attempt to survive even though this has done no more than prolong its death agony while placing an intricate shroud of fictitious capital and financial mythology over the corpse.
Current liquidity and debt crises rise from and exemplify absolute limits yet, sadly, most of the Left have refused to pay attention muchless work towards real human emancipation.
Juan
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