“The cumulative problem of deceleration unequivocally manifested itself in a steady, system-wide expansion of government, firm and household debt. Although many have protested that this picture of the economic performance of the advanced capitalist world since the 70s is far too bleak, this across-the-board growth of debt should be taken as prima facie evidence that there was, in fact, a slow-down. For there is no other explanation for why it happened.”
From Gopal Balakrishnan on the stationary state, wherein he speculates about possible conjunctural crises of capitalism. Read (here) in the New Left Review.
Found via Kazys Varnelis recent post “Fear of Flying” on how the disruptions caused by Iceland’s Eyjafjallajoekull volcano might be a harbinger of something bigger… Read (here)