tahasozgen
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- Feb 3, 2016
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I am reading "Economic crisis and underdeveloped countries" and I have encountered the phrase "major crisis of accumulation" in this book. Here is the excerpt:
The revival in 1976 did not eliminate unemployment, and -according to the most authoritative political and economic spokespersons of the capital--it does not seem to eliminate it until the end of the 1970s; Until then, we can expect an even more severe recession than we've been through. In other words, despite the pious hopes of the political leadership and the predictions of its economic advisers, the world capitalist economy is again faced with a major crisis of accumulation.
What is the "major crisis of accumulation" in this context? Is accumulation the total amount of goods and services that are created in a capitalist economy? Thanks in advance.
The revival in 1976 did not eliminate unemployment, and -according to the most authoritative political and economic spokespersons of the capital--it does not seem to eliminate it until the end of the 1970s; Until then, we can expect an even more severe recession than we've been through. In other words, despite the pious hopes of the political leadership and the predictions of its economic advisers, the world capitalist economy is again faced with a major crisis of accumulation.
What is the "major crisis of accumulation" in this context? Is accumulation the total amount of goods and services that are created in a capitalist economy? Thanks in advance.
