Zombie Capitalism Global Crisis and the Relevance of Marx

most of the mainstream economists interviewed in Parker's two volumes.

57 The view of Paul Sweezy and Paul Baran in the US, of the editorial team of New Left Review in Britain, the left wing of European social democracy, and of the great majority of academic Marxists.

58 Trotsky had developed this notion in the 1930s, and it continued to be accepted by supposedly "orthodox" Trotskyists until the collapse of the USSR in 1991-and in a few cases even afterwards.

59 M Reiman, The Birth of Stalinism (London, Taurus, 1987), pp37-38, provides an account of the crisis based on internal documents.

60 As above, p89.

61 Joseph Stalin, Problems of Leninism, quoted in Isaac Deutscher, Stalin (London, Oxford University Press, 1961), p328.

62 Stalin, quoted in E H Carr and R W Davies, Foundations of a Planned Economy, Volume One (London, Macmillan, 1969), p327.

63 E A Preobrazhensky, The Decline of Capitalism, p166.

64 Lewis Corey, The Decline of American Capitalism, p484. His concept of decline did not rule out short periods of growth, but with "shorter upswings" and longer "depressions".

65 John Strachey, The Nature of Capitalist Crisis, pp375-376.

66 E A Preobrazhensky, The Decline of Capitalism, p159.

67 Leon Trotsky, The Death Agony of Capitalism and the Tasks of the Fourth International ( 1 938), available at http:/w.marxists.org/archive/trotsky/ 19 38/tp/index.htm

Chapter Seven: The Long Boom

1 I use the term "Western" as short for "Western style", in contrast to the "Eastern bloc" countries.

2 Albert Fishlow, "Review of Handbook of Development Economics", Journal of Economic Literature, Volume XXIX ( 1 991), pl 730.

3 Monetary measures were included in the conventional Keynesian tool kit, although Keynes had been sceptical about their efficacy.

4 J M Keynes, General Theory of Employment, Interest and Money, pp135-136, 214, 219 and 376.

5 As above, p376.

6 As above, p378.

7 Robert Skidelsky, John Maynard Keynes, Volume 2, p60.

8 Generally called "orthodox Keynesianism" or "the post-war synthesis"

9 J Robinson, Further Contributions to Economics.

10 J Strachey, Contemporary Capitalism (London, Gollanz, 1956), p235.

11 As above, p239.

12 The most recent is Dan Atkinson and Larry Elliot, The Gods that Failed (Bodley Head, 2008).

13 See, for instance, Will Hutton, The State We're In (Jonathan Cape, 1995).

14 Graham Turner, The Credit Crunch (Pluto, 2008). Turner looks to a mixture of the ideas of Keynes and the pre-war monetarist Irving Fisher.

15 Gerard Dumenil and Dominique Levy, Capital Resurgent: Roots of the Neoliberal Revolution (Cambridge, Harvard University Press, 2004), p1 8

16 David, Harvey, A Brief History of Neoliberalism, plO.

17 R C 0 Matthews, "Why has Britain had Full Employment Since the War?", Economic Journal, September 1968, p556.

18 Meghnad Desai, Testing Monetarism (London, Frances Pinter, 1981), p76. See also Robert Brenner, The Economics of Global Turbulence, p94.

370

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372

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77 As above.

78 As above.

79 As above.

80 Leon Trotsky, The Third International After Lenin, p209.

Chapter Eight: The End of the Golden Age

1 For details see, for instance, Robert Brenner, The Economics of Global Turbulence, pp139 and 146. For a contemporary attempt to analyse the inflation of 1970, see "Survey: The Economy", in International Socialism, 46 (first series, 1971 ).

2 Guardian, 26 September 1983.

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374

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375

376

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106 UNCTAD Handbook of Statistics, 2002.

108 Figure given in Romilly Greenhill and Ann Pettifor, HIPC: How the Poor are Financing the Rich, a report from Jubilee Research at the New Economics Foundation (April 2002), available at http:/ww.jubilee2000uk.org

109 "Trade Makes US Strong", www.ustrade.org

Chapter Nine: The Years of Delusion

378

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