The Pathology of the US Economy: The Costs of a Low-Wage System

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This volume demonstrates the calamitous consequences of the US policies that follow a Haitian model of low-wage development. Michael Perelman makes his case by describing the decades-long unfolding of the crisis in the US economy following the post-war boom. From the beginning, the boom contained the seeds of its own destruction. As the boom disintegrated, attempts to stabilize the economy made matters even worse. Efforts at profit maximization reinforced the problems, for example, attacks on both labour and government reinforced the decline. This work warns against framing policies predicated upon either Keynesian or neo-classical theory, since both suffer from an unwarranted belief that a market economy can avoid crisis with appropriate management. Other works by the author include Karl Marx’s Crisis Theory , Classical Political Economy , Primitive Accumulation and the Social Division of Labour , Farming for Profit in a Hungry World , Keynes, Investment Theory and the Economic Slowdown and Information, Social Relations and the Economics of High Technology .