Prosperity and Bubbles – The U.S. Economy from a Global Perspective (Translation Series of Modern Marxist Economic Theory Research): The U.S. Economy from a Global Perspective

Author: Robert Brenner
Publisher:
Publish Date: 2003-11-01
Features: Contemporary Marxist Economics Studies Translation Series, Planned by the National Economics Talent Training Base of Renmin University of China's School of Economics. As is well known, a series of major events have occurred recently, but no modifications have been made accordingly. Of course, in many places, this book still takes into account the newly released data by the government, including significant revisions to corporate profit data for 1998, 1999, and 2000. In this book, I have not provided an assessment of the impact of the September 11th attacks. In fact, before these events occurred, the short-term, medium-term, and long-term trends that determine the current economic situation had already become quite evident. It is undeniable that the September 11th attacks have had a tremendous impact in other aspects, but they will not alter the essence of these trends. The main focus of this book is on the expansion of the U.S. economy in the 1990s, the accompanying stock market bubble, and the subsequent sudden recession and cyclical downturn. A fundamental premise of this book is that all these interconnected developments can only be understood from a longer-term perspective. To better study and draw on the achievements of contemporary Marxist economic development, further improve the teaching and research of Marxist economics, and promote the development of socialist theory with Chinese characteristics, the National Economics Talent Training Base of Renmin University of China's School of Economics has decided to collaborate with Economic Science Press to publish the "Contemporary Marxist Economics Studies Translation Series." It is hoped that this initiative will contribute to the development of modern forms of Marxist economics in China. A fundamental premise of this book is that all the related developments can only be understood from a longer-term perspective. It is worth emphasizing that to understand these developments, it is also necessary to connect them with other forces. These forces led the world economy into a long-term stagnation between 1973 and 1995, a stagnation that emerged precisely after a post-war economic boom of 25 years. The main purpose of this book is to clearly demonstrate the connection between this long-term economic transformation and the strong rise in the early 1990s.