Explaining the last ten years: Keynes or Marx – who is right?

Michael Roberts Blog

The latest economic data from the major capitalist economies do not make pretty reading.  The global slowdown, as measured in real GDP growth, is worsening.  The first reading for real GDP growth in the US, for the first quarter of 2016, delivered an annualised rise of just 0.5%, or 0.125% quarter over quarter.  If we compare the size of the US economy after taking into account changes in prices (inflation), with the first quarter of 2015, then the American economy is larger by just 1.9%.  That’s the slowest rate of expansion since early 2014. The US economy, the best of the major capitalist economies, is still just crawling along.

US real GDP growth

There was only one of the top seven capitalist economies (G7) apart from the US that was growing by more than 2% at the end of 2015.  It was the UK.  Now in the first quarter of 2016, the UK reported an…

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