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1、ROM.sept..qxd8/6/024:14PMPage1REVIEWOFTHEMONTHI.Capitalism’sTwinCrises:Economic&EnvironmentalFREDMAGDOFFHistoryhasprovideduswithnumerousexamplesofeconomicstag-nationandbreakdown,aswellasenvironmentaldegradationcausedbyhumanactivity,evenbeforecapitalismexisted.Butcapitalism’scentralchara
2、cteristic—theincessantdrivetoinvestandaccumulatewealth—givesbirthtonever-endingeconomicandenvironmentalcrises.Capitalism’sTendencytoGenerateEconomicCrisesThereare,ofcourse,thenormalupsanddownsofthebusinesscycle,duringwhichrecessionscreatehavocinmanylivesaswellasuneaseanduncertaintyinman
3、ymore.Inaddition,thereareocca-sionalexaggeratedbubblesofeuphoriasuchasoccurredduringthesecondhalfofthe1990s,withgrowththatappearedperpetualtomany.Therearealsosometimeslong-termdownturns,suchasexpe-riencedinJapanoverthelastdecade.Aspointedoutrecentlyinthisspace,muchhaschangedoverthelastq
4、uarter-centuryascapitalistshaveendeavoredtoadjusttoageneralslowdowningrowthand,therefore,decreasedprofit-makingopportunities.*Astraditionalgoodsproducingindustrieshavesaturatedthemarketswitheffi-cientlyproducedmerchandise,investmenthasshiftedtotheretailandservice(includingfinancial)sect
5、orsoftheeconomy.AlthoughincreasinginrelativeimportancetotheU.S.economybefore1980,itFredMagdoffisprofessorofplantandsoilscienceattheUniversityofVermont.Heistheauthorofnumerousscientificarticlesandcoauthor(withHaroldvanEs)ofBuildingSoilsforBetterCrops(Beltsville,MD:SustainableAgricultural
6、Network,2000).Heisalsocoeditor(withJohnBellamyFosterandFrederickButtel)ofHungryforProfit:TheAgribusinessThreattoFood,FarmersandtheEnvironment(NewYork:MonthlyReviewPress,2000).*Editors(withFredMagdoff),“TheNewFaceofCapitalism:SlowGrowth,ExcessCapital,andaMountainofDebt,”MonthlyReview,Apr
7、il2002.1ROM.sept..qxd8/6/024:14PMPage22MONTHLYREVIEW/SEPTEMBER2002isafterthisdatethattheservicesectorsgrewespeciallyrapidlyascapitalistssoughtoutnewpotentialprofitcenters—fastfoodoutlets,computersupportforbusiness,processingmedicalrecords,etc.Therehasalsobeenagrowingtendencyfor
