In Economics, Geopolitical Economy, Imperialism, Theory of Value

Capital Today’ Webinar 26 March 2022. Accessible at

This presentation, to a seminar on Marx’s Capital organised by liberationschool, offers new data on the long-run fall in the rate of profit in Europe and the USA, confirming Marx’s explanation of this phenomenon. It then asks how the USA overcame this following the Great Depression of 1929-1942 to create the ‘Long Postwar Boom’ of 1942-1960. It concludes that this was achieved during the war, by overriding the private investment mechanism to build a unique wartime economy and establish dominance over Europe and Japan, consolidated in the military defeat of Germany and Japan and the imposition of the dollar as the world’s trading currency.

The consequence is a unique capitalist economy dominated by the miltary-industrial-financial complex, which however contains the seeds of its own self-destruction manifested in the prolonged Northern Decline that began in the 1960s and erupted in the Great Slump of 1974.

The slideshow is also available on academia here. The transcript of my speech will be added later.

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