The long depression of the early 21st century –
how it happened, why it happened and what happens next
Introduction: Getting depressed
Chapter 1: The Long Depression of the late 19th century
Chapter 2: The Great Depression of the mid-20th century
Chapter 3: The Great Recession of the 21st century
Chapter 4: The cycle of profit
Chapter 5: Debt matters
Chapter 6: From slump to depression
Chapter 7: America crawls
Chapter 8: Europe deflates
Chapter 9: Japan stagnates
Chapter 11: The rest cannot escape
Chapter 11: Cycles within cycles
Chapter 12: Past its use-by date?
Appendix 1: How to measure the rate of profit
Appendix 2: The failure of Keynesianism
Sources and methodology for the figures
References
Index
$500marketing and publicity budget
Features in International Socialist Review, Socialistworker.org
Michael Roberts has worked as an economist for over 30
years in the City of London financial centre. He is author of The
Great Recession: a Marxist view, published in 2009.
"This book is a tour de force analysis of the current global
economic crisis and the preconditions and prospects for recovery in
the years ahead. Based largely on empirical data and Marx’s theory
of the falling rate of profit, Roberts argues that the world
economy is in a long depression due to a falling rate of profit and
a massive increase of debt. He argues further that a full recovery
and a return to more prosperous conditions requires a prior even
more severe depression, characterized by widespread bankruptcies,
which would devalue capital and restore the rate of profit and
would also wipe out much of the debt. He argues that a much better
alternative would be to wipe out capitalism and construct a more
democratic and egalitarian economy that is not vulnerable to
recurring depressions."
Fred Moseley, professor of economics, Mount Holyoke College
With great clarity, Michael Roberts explains capitalism’s
necessary proneness to profound economic crises and surveys the
course of the current and previous depressions. Extensive use of
empirical evidence, very accessibly presented, make his own main,
Marxist argument and refutations of rival explanations persuasive.
This book is at once an engaging read and a powerful political
weapon.”
Rick Kuhn, honorary associate professor at the Australian National
University and winner of the 2007 Isaac Deutscher Memorial
Prize
Since the global economic crisis, Michael Roberts’s blog has
become the indispensable source for those on the left seeking to
understand and challenge capitalism. This book presents, with
admirable clarity, the ideas drawn from Marxist political economy
upon which his analysis rests. Anyone who wants to understand how
we ended up here, where we are going, and what we should do about
it must read The Long Depression.”
Joseph Choonara, author of Unravelling Capitalism: A Guide to
Marxist Political Economy
Michael Roberts has established himself as one of the foremost
bloggers and theoreticians of classical Marxism. Here he takes on
the economic orthodoxy, both Keynesian and neoclassical, as to the
causes of the Great Recession and of depressions in capitalism
going back to the nineteenth century. [While] the new normal’ and
secular stagnation’ have be[come] clichés rather than explanations
for the slow growth in the world economy since the 2008 crash,
Michael Roberts reaches deep into the history of capitalism to set
out a Marxist explanation for recent developments.”
Mick Brooks, author of Capitalist Crisis: Theory and Practice
The Long Depression is an impressive review of the global economic
crisis. Marshalling a wide range of evidence, Michael Roberts
counters the facile explanations of establishment commentators and
many alternative’ economists, showing instead how the origins of
this crisis, and other historical examples, have clear links to
declining capitalist profitability. Covering a wide range of
topics, from stagnant productivity growth and high unemployment to
the prospects for the BRICS countries, robots, and climate change,
this book will educate readers about the outlook for capitalism
today.”
Tony Norfield, author of The City: London and the Global Power of
Finance
"...a comprehensive review of the world economy...Roberts is a
respected blogger This year has been an annus mirabilis for Marxian
political economy. It has to be said that some of the other
writings do not make easy reading for the general reader. Roberts’
book is fairly accessible to the non-specialist. It’s your best
bet."
Mick Brooks, Labour Briefing
"This book is accessible and thoroughly convincing. It is essential
reading for those of us living in today’s Long Depression who, like
Roberts, see the need to replace capitalism with a planned economy
owned in common and controlled by the majority”.
Mark Krantz, Socialist Review
"The attention to detail on specific economies, from the US, to
Germany, to South Africa and more, is impressive
The Long
Depression is a good example of economics at its best.”
Better Red than Dead
“Roberts is an unapologetic Marxist. All Marxists are aware that
capitalism will not just collapse; it must be overthrown. But the
system’s weakness provides the labour movement’s opportunity to
transform society and get the fetters of the capitalist system off
our backs. Nobody said it would be easy. There is much food for
thought here.” –Labour Briefing
“We would encourage every revolutionary, who wants to see how
Marx’s economic constructs can explain what underlies the
capitalist economy today, to go out and get Michael Roberts’ latest
book. Without an understanding of the material basis of modern
capitalism we can have no meaningful discussion about where we are
headed, and what the challenges are that lie ahead. “The Long
Depression” is an excellent and stimulating contribution to that
task.” –LeftCom
“This book is accessible and thoroughly convincing. It is essential
reading for those of us living in today’s Long Depression who, like
Roberts, see the need to replace capitalism with “a planned economy
owned in common and controlled by the majority.” –Socialist
Review
“Michael Roberts' The Long Depression is an accessible and
important work of Marxist political economy.” –Martin Empson,
Resolute Reader
“The Long Depression is a fascinating book. Above all, it clearly
identifies the extraordinary nature of the economic period through
which we are living - economic conditions that have given rise to
political phenomena such as the Brexit vote in the UK and the
election of Trump in the US, and no doubt will present us with more
surprises in the months and years to come.” –Weekly Worker
“The Long Depression is a good example of economics at its best.”
–Better Red
“The book shows clearly the economic pressure bearing down on the
ruling class across the world—and the limits of the options open to
them. It exposes the hopelessness of their system, and serves as a
valuable guide to the terrain on which the struggles against them
will be fought.” –International Socialism Journal
“Roberts’ analysis of the problem of profitability is a valuable
contribution.” –Counterfire
“A coherent, well-argued and informed book accomplishing many
tasks.” –History of Economic Thought
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