Dr. Susmit Kumar
Before the 1930s Great Depression, there were recessions in 1797-1800, 1807-1814, 1819-24, 1837-43, 1857-60, 1873-79, 1893-96, 1907-8 and 1918-21. The government did not intervene in any of these previous economic recessions and opted to let the economy find its own solution. Until 1930s Great Depression, economists thought that free markets would automatically provide full employment on their …
Category Archives: Global crisis
A Gaia of Civilizations or the Artificial Society?
The structural possibilities of the future
Dr. Sohail Inayatullah
While there are numerous scenarios as to what the future may look like, few go beyond more than fantasy as they ignore structural factors, which limit what is possible. From a macrohistorical view, there is a wide range of possibilities. These are derived from Sarkar’s notion of four types of power …
Wall Street Takes the Juice Out of the Fruit
Dr. Susmit Kumar
More than eight millions are unemployed in the U.S. today, with little relief in sight. On the other hand, the people on Wall Street are again making hundreds of millions of dollars as if nothing has happened. If you follow the money trail, you will find that most of this money is coming out of the pocket …
Krugman’s Third Depression or Collapse like 1990s Russia?
Dr. Susmit Kumar
According to Paul Krugman, the economy is in the early stages of a third depression, and it will probably look more like the Long Depression of the 19th Century that followed the Panic of 1873 than the much more severe 1930’s Great Depression. According to him, the cost – to the world economy and, above all, …