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1、rEVIEWoFtHEMoNtHMonopoly-FinanceCapitalandtheParadoxofAccumulationJOHNBELLAMYFOSTERANdROBERTW.MccHESNEYThismonthmarkstheeightiethanniversaryofthe1929StockMarketCrashthatprecipitatedtheGreatDepressionofthe1930s.Ironically,thiscomesattheverymomentthatthecapitalistsystemiscelebratingha
2、v-ingnarrowlyescapedfallingintoasimilarabyss.Thefinancialcrashandthedeclineinoutputayearago,followingthecollapseofLehmanBrothers,wasassteepasatthebeginningoftheGreatDepression.“Forawhile,”PaulKrugmanwroteintheNewYorkTimesinAugust,“keyeco-nomicindicators—worldtrade,worldindustrialpro
3、duction,evenstockprices—werefallingasfastorfasterthantheydidin1929-30.Butinthe1930sthetrendlineskeptheadingdown.Thistime,theplungeappearstobeendingafterjustoneterribleyear.”1Biggovernment,throughthefederalbailoutandstimulus,aswellastheshock-absorbereffectsofthecontinuedpayoutsofunem
4、ploymentandSocialSecuritybenefits,Medicare,etc.,slowedthedescentandhelpedtheeconomytoleveloff,albeitatapointwellbelowpreviousoutput.YetiftheGreatRecessionhasleveledoffbeforeplungingintothedepthsofasecondGreatDepression,ithasnonethelesslefttheU.S.andworldeconomiesinshambles.OfficialU
5、.S.unemploymentisover9per-cent,whilerealunemployment,takingintoaccountallofthosewantingjobspluspart-timersdesiringfull-timework,isclosetotwicethat.CapacityutilizationinindustryintheUnitedStatesisatitslowestlevelsincethe1930s.Investmentinnewplantandequipmenthasfaltered.Thefinancialsy
6、stemisashadowofwhatitwasonlyayearago.Therecoverystageofthebusinesscycleiswidelyexpectedtobesluggish.JOHNBELLAMYFOSTER(jfoster@monthlyreview.org)iseditorofMonthlyReview,ProfessorofsociologyattheUniversityofOregon,andauthorwithFredMagdoffofTheGreatFinancialCrisis(MonthlyReviewPress,20
7、09).ROBERTW.MccHESNEY(rwmcches@uiuc.edu)isGutgsellEndowedProfessorofCommunicationsattheUniversityofIllinoisatUrbana-Champaign,andauthorofThePoliticalEconomyofMedia(MonthlyReviewPress,2008).12MoNtHlYrEVIEW/octobEr2009Indeed,whateconomistsmostfearatthispointisprotractedeco-nomicstagna
8、tionoralongperiodof
