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Archive of Long Waves of Capitalist Development

    Baptiste Touverey
    02 June 2017
    comments
    Frankfurt_borse_1988-

    After Capital's Revolt: an interview with Wolfgang Streeck

    Capital could not just abolish the gains of the postwar period. It was necessary to preserve social peace. The "trick" in the 1970s consisted of using inflation to defuse the emerging conflict between labour and capital over redistribution. The money machine was used to compensate for the loss of income which resulted from the reduction in capital’s contribution to the welfare state… Evidently, that could not last. So from the late 1970s inflation was replaced with public debt, and states borrowed (rather than tax) in order to be able to keep up the level of services. Then, in the 1990s, when states began to worry about the growing weight of debt servicing as part of their budgets, and reduced their spending (and thus social services) we took recourse to private debt. In other words, we made it easier than ever for households to take on debt so that they could preserve their purchasing power, which was being cut back by these budget consolidation measures. And that led us to the 2008 catastrophe.

    Witold Kula
    08 April 2017
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    Grain_pays_not-

    "Economic System" and "Theory of an Economic System"

    Research & Destroy
    28 February 2017
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    The_landing-

    The Landing: Fascists without Fascism

    Frédéric Lordon
    19 June 2015
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    Marx-piketty-bac551f2d40cf45b019fa7faf348e062-

    Frédéric Lordon: Why Piketty isn't Marx

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