A talk by Andrew Kliman, author of ‘Reclaiming Marx’s Capital’*
update: click here for sound file
In the past few weeks, since we announced this talk, recognition has increased substantially that the United States, and now the world, are caught up in the most serious financial crisis since the Great Depression. Because Marxists are famous for “predicting five out of the last three recessions”, I need to point that the term crisis does not mean collapse, nor does it mean slump (recession, depression, downturn). While the US is probably in the midst of a recession, the downturn has been-thus far-a relatively mild one. For instance, payroll employment has fallen nine months in a row, but the total decline, 760,000, is well less than half of the decline that occurred during the first nine months of the last recession, in 2001, which itself was relatively mild. Continue reading “worse than they want you to think – a marxist analysis of the economic crisis”