The failure of the capitalist class and the retreat from production
Book Review: Andrew Kliman, *The Failure of Capitalist Production: Underlying Causes of the Great Recession*
WRITTEN IN THE AFTERMATH of the 2008 banking crash and published in 2012, Andrew Kliman’s The Failure of Capitalist Production adds to the extensive literature on American decline.1 Kliman identifies the way that profits have tended to fall relative to investments since the 1970s and also the diminishing rate of investment itself (the latter, he says, a consequence of the former)—a period of underaccumulation over the period from the mid-seventies to the present day, around 40 years, or longer than most people have been alive.
[Read More]