ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
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Crash Course

Crash Course Andre Gunder Frank After Black Monday, October 19, it was observed that the stock market crash was the alarm, not the fire and the question was posed whether the events in the financial sector could be prevented from spreading to the real economy of jobs, income and production. Such speculation, however, betrays a serious lack of historical perspective. The present world economic crisis in fact began in the real economy with the decline in the rate of profit in the mid-1960s and the recessions of 1967 and 1969-70. The fifth recession in the development of this economic crisis since 1967 was approaching anyway in the natural course of events. Black Monday was one possible response to this development and it is now likely to accelerate and aggravate it still further.

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