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9781583673133

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A compelling discussion of the central economic reality of our time: that the Wall Street collapse and Great Recession of 2007-09 was a human calamity whose effects are ongoing. Foster and McChesney explore the underlying causes of the crisis as a result of the normal operations of capitalism in its contemporary neoliberal variant. Their discussions on financialization, monopoly power, imperialism, and other topics all provide opportunities for us to think more clearly about what is wrong with the societies we live in and how to advance a transformative political project in behalf of equality and social justice. -Robert Pollin, Professor of Economics and Co-Director, Political Economy Research Institute, University of Massachusetts-Amherst,

The authors carefully develop a powerful case that the normal state of 'really existing capitalist economies, ' increasingly dominated by multinational megacorporations along with associated financialization, is not growth with occasional recession, but rather stagnation with occasional escapes that have diminishing prospects. Hence an 'endless crisis, ' endless in both time and space, including China. And a crisis that is heading towards disaster unless there is a radical change of course. This valuable inquiry should be carefully studied and pondered, and should be taken as an incentive to action. -Noam Chomsky Very effectively integrates analysis of the development, character, and impact of monopoly-finance capital, which includes the now global and immense reserve army of labor, and with stagnation tendencies harder and harder to overcome. They also demonstrate well the urgency of working class organization on a global basis. -Edward S. Herman, Professor Emeritus of Finance at the Wharton School, University of Pennsylvania A compelling discussion of the central economic reality of our time: that the Wall Street collapse and Great Recession of 2007-09 was a human calamity whose effects are ongoing. Foster and McChesney explore the underlying causes of the crisis as a result of the normal operations of capitalism in its contemporary neoliberal variant. Their discussions on financialization, monopoly power, imperialism, and other topics all provide opportunities for us to think more clearly about what is wrong with the societies we live in and how to advance a transformative political project in behalf of equality and social justice. -Robert Pollin, Professor of Economics and Co-Director, Political Economy Research Institute, University of Massachusetts-Amherst In the distinguished tradition of Paul Baran and Paul Sweezy, Foster and McChesney here combine grim analysis with bleak prognosis, reminding us that monopoly power disappeared from the textbooks but not from real life. This is a useful book for anyone raised on the reflexive American optimism of the post-war years. -James K. Galbraith, author of Inequality and Instability: A Study of the World Economy Just Before the Great Crisis Chilling in its analysis of the evolution of global capitalism and the contours of the global class struggle . . . you cannot but ask the question: 'When do we get serious about a strategy for the Left to respond to the system of modern day robber-barons that Foster and McChesney so well analyze?' -Bill Fletcher, Jr., BlackCommentator.com; author of Solidarity Divided and 'They're Bankrupting us' And Twenty Other Myths about Unions The most important book yet to appear on stagnation, the central problem of modern economic reality. Essential reading for serious liberal, heterodox, radical, and all open-minded economic thinkers. -Gar Alperovitz, author of America Beyond Capitalism, and Lionel R. Bauman Professor of Political Economy at the University of Maryland

The authors carefully develop a powerful case that the normal state of 'really existing capitalist economies, ' increasingly dominated by multinational megacorporations along with associated financialization, is not growth with occasional recession, but rather stagnation with occasional escapes that have diminishing prospects. Hence an 'endless crisis, ' endless in both time and space, including China. And a crisis that is heading towards disaster unless there is a radical change of course. This valuable inquiry should be carefully studied and pondered, and should be taken as an incentive to action. -Noam Chomsky Very effectively integrates analysis of the development, character, and impact of monopoly-finance capital, which includes the now global and immense reserve army of labor, and with stagnation tendencies harder and harder to overcome. They also demonstrate well the urgency of working class organization on a global basis. -Edward S. Herman, Professor Emeritus of Finance at the Wharton School, University of Pennsylvania A compelling discussion of the central economic reality of our time: that the Wall Street collapse and Great Recession of 2007-09 was a human calamity whose effects are ongoing. Foster and McChesney explore the underlying causes of the crisis as a result of the normal operations of capitalism in its contemporary neoliberal variant. Their discussions on financialization, monopoly power, imperialism, and other topics all provide opportunities for us to think more clearly about what is wrong with the societies we live in and how to advance a transformative political project in behalf of equality and social justice. -Robert Pollin, Professor of Economics and Co-Director, Political Economy Research Institute, University of Massachusetts-Amherst In the distinguished tradition of Paul Baran and Paul Sweezy, Foster and McChesney here combine grim analysis with bleak prognosis, reminding us that monopoly power disappeared from the textbooks but not from real life. This is a useful book for anyone raised on the reflexive American optimism of the post-war years. -James K. Galbraith, author of Inequality and Instability: A Study of the World Economy Just Before the Great Crisis The most important book yet to appear on stagnation, the central problem of modern economic reality. Essential reading for serious liberal, heterodox, radical, and all open-minded economic thinkers. -Gar Alperovitz, author of America Beyond Capitalism, and Lionel R. Bauman Professor of Political Economy at the University of Maryland Chilling in its analysis of the evolution of global capitalism and the contours of the global class struggle . . . you cannot but ask the question: 'When do we get serious about a strategy for the Left to respond to the system of modern day robber-barons that Foster and McChesney so well analyze?' -Bill Fletcher, Jr., BlackCommentator.com; author of Solidarity Divided and 'They're Bankrupting us' And Twenty Other Myths about Unions

Author Information

John Bellamy Foster is a Professor Emeritus of Sociology at the University of Oregon and editor of Monthly Review. He has written many books including The Robbery of Nature (with Brett Clark) and The Return of Nature, which won the Deutscher Memorial Prize. Robert W. McChesney is the Gutgsell Endowed Professor in the Department of Communication at the University of Illinois at Urbana-Champaign. He is the author of The Political Economy of Media, Communication Revolution, The Problem of the Media, and Rich Media, Poor Democracy.

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