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ABCs of the Economic Crisis
Author: Fred Magdoff

ISBN: 9781583671955
Format: Paperback
Number Of Pages: 144
Published: 17 July 2009
Country of Publication: US
Dimensions (cm): 22.9 x 15.2 x 1.0
Description:


The economic crisis has created a host of problems for working people: collapsing wages, lost jobs, ruined pensions, and the anxiety that comes with not knowing what tomorrow willbring. Compounding all this is a lack of reliable information that speaks to the realities of workers. Commentators and pundits seem more confused than anyone, and economists-the so-called "experts"-still cling to bankrupt ideologies that failed to predict the crisis and offer nothing to explain it.

In this short, clear, and concise book, Fred Magdoff and Michael D. Yates explain the nature of the economic crisis. Contrary to conventional wisdom, the authors demonstrate that this crisis is not some aberration from a normally benign capitalism but rather the normal and even expected outcome of a thoroughly irrational and destructive system. No amount of tinkering with capitalism, whether it be discredited neoliberalism or the return of Keynesianism and a "new" New Deal, can overcome the core contradiction of the system: the daily exploitation and degradation of the majority of the world's people by a tiny minority of business owners.<p

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