Gugliemo Carchedi, doctorate (1965) in Economics, University of Turin, Italy, has worked at the United Nations in New York and has taught at the University of Amsterdam. He is the author of numerous articles and books in several fields of Marxist analysis and research.

Michael Roberts has worked as an economist for over thirty years in the City of London financial center. He is author of The Great Recession: A Marxist View (2009), and The Long Depression (2016).

Preface

Introduction

Part 1. The US economy

Chapter 1. G. Carchedi and M. Roberts – The long roots of the present crisis: Keynesians, Austerians, and Marx’s law

Chapter 2. G. Carchedi – The law of crises

Chapter 3. J.A. Tapia – Investment, profit, and crises: theories and evidence

Part 2. The international dimension

Chapter 4. E.E. Maito – The tendency of the rate of profit to fall since the 19th century and a world rate of profit

Chapter 5. T. Sato – Japan’s ‘lost’ two decades: a Marxist analysis of prolonged capitalist stagnation

Chapter 6. M. Roberts – The UK rate of profit and British economic history

Chapter 7.. J.P. Mateo – The Long Depression in the Spanish economy: bubble, profits, and debt

Chapter 8. T. Maniatis and K. Passas – Surplus value, profit, and unproductive labor in the Greek economy, 1958–2013

Chapter 9. A. Marquetti, E.M. Filho, and V. Lautert – The profit rate in Brazil, 1953–2008

Chapter 10. M. Gaulard – The Chinese economic crisis: a Marxist approach

Part 3. Credit, fictitious capital, and crises

Chapter 11. M. Roberts – Debt matters

Chapter 12. S. Cámara I. and A. Mariña F– The neoliberal financialization of the US economy

Chapter 13. M.E.G. Smith and J. Butovsky – The roots of the global crisis: Marx’s law of falling profitability and the US economy, 1950–2013

Chapter 14. T. Norfield – Derivatives and capitalist markets: the speculative heart of capital

Chapter 15. S. Nash – High-frequency trading: the unfolding history of speculative capital

Part 4. The crisis and the euro

Chapter 16. G. Carchedi – From the crisis in surplus value to the crisis in the euro

Chapter 17. M. Roberts – The euro crisis is a crisis of capitalism