The permanent slump - an organic crisis of capitalism

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by Adam Booth | Socialist Appeal | Click HERE to read article

It has often been noted that the serious bourgeois analysts frequently arrive at the same conclusion as the Marxists, albeit with a slight delay. Nowhere has this aphorism been more aptly demonstrated than in a recent article by Paul Krugman, the Nobel prize-winning economist, entitled “A Permanent Slump”, in which the author hypothesises what the Marxists have explained many times since the onset of the current crisis: that this is no ordinary period of recession, but that depression has become the new normality for the world economy. What we are witnessing is not a temporary phenomena, but an organic crisis of the capitalist system.