On Fri, 26 Oct 2001, Patrick L. Mason wrote: > I agree with Paul that "crisis" isn't the appropriate world to use for the > US economy. 1974 - 1992 might accurately be described as a crisis. But, > this year's slump is probably no more than the common garden variety > recession - a 9 month dip then return to growth. Patrick and Paul Z., I promise: if the current recession turns out to be the "garden variety" type, I will not use the word crisis again. > During the 1970s and 1980s > the US economy was thoroughly restructured and the least internationally > competitive firms were brutally weeded out. But the rate of profit for the economy as a whole recovered less than half of its prior decline. Does this not suggest that the profitability problems were not entirely solved?
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