Fred wrote: 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? Fred, what time periods are you comparing? In particular, do you have data on profitability for the following three periods: 1945 - 1950, 1965 - 1973, and 1993 - 1999? Also, the international situation was very much different during 1945 - 1973 than it is today. Germany, Japan, China, and the USSR - along with the US - all enjoyed substantial growth during this period. Today, Japan has been in the tank for over a decade. The USSR has fallen apart and the economies of many of its former members are basket cases. Germany also is having problems. Basically, the US has the strongest economy, at least among the largest economies in the world. peace, patrick At 01:02 AM 10/29/01 -0500, you wrote: >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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