Business as Usual

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The recent global economic downturn has impacted nearly everyone worldwide, making it challenging to identify its exact cause. While some economists attribute it to risks in the modern financial system, others point to long-term imbalances. Paul Mattick addresses this debate by examining the downturn in relation to the world economy's development since World War II and as a key example of the cyclical nature of crisis and recovery in capitalism since the early nineteenth century. He argues that today’s recession is not due to a single financial event but rather a result of long-term processes within the world economy. Understanding the downturn within the context of unavoidable business cycles in a free-market economy is crucial. This perspective serves as a foundation for exploring the nature of our capitalist society and its future prospects. While engaging with various economic theories, Mattick’s accessible writing allows non-specialists to grasp the current economic climate as a reflection of the broader social and economic system. Consequently, this work is perfect for anyone seeking a clear, jargon-free understanding of recent economic events and the fundamental dynamics of capitalism.