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Global Slump: The Economics and Politics of Crisis and Resistance (Spectre) Paperback – December 9, 2010
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Dr. McNally believes the 2008 crash exposed the falsehood of the self-correcting market theory which had heretofore been the guiding principle of neoliberalism. Although the powerful have variously blamed the problem on misguided government, rogue traders or gullible homeowners, Dr. McNally explains how the evisceration of $35 trillion in wealth was really the product of an inscrutably opaque market of derivatives trading built upon a hollowed-out economy: just the sort of speculative phenomenon that one might expect to occur during the late phase of the business cycle.
On that point, Dr. McNally displays a masterful command of Marxist economics to show how U.S. economic history evolved from the mid 20th century forward. Dr. McNally explains how capitalism's inherent destabilizing tendencies compelled the U.S. (like others before it) to squander its surplus wealth on empire building; however, the U.S.' failure to adequately reinvest in people and industry resulted in a loss of competitiveness and aggregate consumer purchasing power.Read more ›