David F. Ruccio — Ongoing crises of capitalism

What mainstream economics obscures from view is that the pattern of capitalist development leading up to 2007 created the conditions for a much more severe downturn than mainstream economists had been willing to admit, and that the severity of that cyclical downturn undermined the long-term rate of capitalist recovery going forward.

Clearly, the predictions by mainstream economists were wrong. But they continue to ignored the real effects of their mistakes, in both the short and long runs, which are being visited upon the working-classes in the United States and Europe.

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Ongoing crises of capitalism
David F. Ruccio | Professor of Economics, University of Notre Dame