Overview

Setting out from an unapologetical Marxist perspective, The Long Depression argues that the global economy remains in the throes of a depression. Making the case that the profitability of capital is too low, and the debt built up before the Great Recession too high, leading radical economist Michael Roberts persuasively presents his case that this depression will persist until the profitability of capital is restored through yet another slump.

Full Product Details

Author:   Michael Roberts
Publisher:   Haymarket Books
Imprint:   Haymarket Books
Dimensions:   Width: 14.10cm , Height: 2.80cm , Length: 21.60cm
Weight:   0.476kg
ISBN:  

9781608464685

ISBN 10:   1608464687
Pages:   380
Publication Date:   19 July 2016
Audience:   General/trade ,  General
Format:   Paperback
Publisher's Status:   Active
Availability:   Temporarily unavailable  
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Table of Contents

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

Reviews

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. <b>Fred Moseley, professor of economics, Mount Holyoke College</b> 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. <b>Rick Kuhn, honorary associate professor at the Australian National University and winner of the 2007 Isaac Deutscher Memorial Prize </b> 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. <b>Joseph Choonara, author of <i>Unravelling Capitalism: A Guide to Marxist Political Economy</i></b> 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] cliches 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. <b>Mick Brooks, author of <i>Capitalist Crisis: Theory and Practice</i></b> <i>The Long Depression</i> 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. <b>Tony Norfield, author of <i>The City: London and the Global Power of Finance</i></b> .. .a comprehensive review of the world economy...Roberts is a respected blogger This year has been an <i>annus mirabilis</i> 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. <b>Mick Brooks, <i>Labour Briefing</i></b> 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 .<b>Mark Krantz, <i>Socialist Review</i></b>

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] cliches 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

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] cliches 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

Author Information

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.

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