Fallen angels

In several previous posts, I have highlighted what are called ‘zombie’ companies (companies whose regular profits do not even cover the cost of servicing their outstanding debts) and so must, to paraphrase former BoE governor Mark Carney, depend on the kindness of their creditors”. An OECD study found that such zombies take up a frighteningly […]

Fallen angels

The three contradictions of the Long Depression

One of my basic theses about modern capitalism is that since 2008, the major capitalist economies have been in what I call a Long Depression.  In my book of 2016 of the same name, I distinguish between what economists call recessions or slumps in production, investment and employment; and depressions.  Under the capitalist mode of […]

The three contradictions of the Long Depression