The Trouble with Capitalism: An Enquiry into the Causes of Global Economic Failure - Softcover

Shutt, Harry

Softcover

ISBN 10: 1856495663 ISBN 13: 9781856495660

Publisher: Zed Books Ltd, 1998

Synopsis

Recent instability in the financial markets has shaken confidence in the global economic order. Is the current variant of ?free market? capitalism in fact sustainable? This remarkable book explains its underlying economic fragility as a result of: The growing redundancy of both capital and labour because of changing technologies and chronic slow growth since the 1970s; The desperate struggle of organised capital to prevent its redundancy from being reflected in a 1930s-type collapse in the price of financial assets; The consequent distortion of official policy -- in areas like corporate subsidies, taxation, pensions and privatisation -- to help maintain the value of capital. This book exposes the sham of the laissez faire prospectus. In fact, state power and resources are increasingly propping up capital while pretending to roll back the frontiers of the state.

About this title

Review:

'Identifies an impressive array of potential problems.' The Christian Science Monitor 'Shutt is one of the few to expose capitalism’s lies and imperfections, faults that critically threaten our democratic survival.' Publishers Weekly 'In this thoughtful treatment of the current economic scene, one feels convinced that the collapse of Western civilization as we know it is at hand.' Library Journal 'Offers no easy answers, but suggests the West is going to have to face the fact that profit-maximising capitalism has run its course.' Tribune 'Based on wide knowledge, well documented source material and sharp analysis, everyone who reads it will learn from it...' Liberation 'Shutt [has] a message for every saver and investor: a crash of 1929 proportions is almost inevitable' Dan Atkinson in The Guardian

Synopsis:

Recent instability in financial markets has put paid to the idea that the foundations of the global economy are basically sound. This timely book forsakes the shibboleths of both the Left and liberal economists to examine afresh the actual behaviour - patterns and tendencies - of economic institutions in the OECD countries of the 1980s and 90s. The conclusions are disturbing. The author uncovers profound sources of instability. Low growth has become endemic. There is a chronic surplus of capital. New technology is not solving either of these problems or structural unemployment. Meanwhile, the pursuit of neo-liberal economic orthodoxy by an emasculated state has only worsened the situation and the evidence of social dislocation is all about us. This is a book that must be read by every politician and thinking citizen still harbouring illusions about the capacity of mere shifts in policy to return us to the golden era of high growth and full employment. What will soon become inevitable is a wholesale redrawing of economic institutions and rules of the game.

About this edition

• Publisher: Zed Books Ltd
• Publication date: 1998
• ISBN 10: 1856495663
• ISBN 13: 9781856495660
• Binding: Paperback
• Number of pages: 256