Challenges to Capital
Challenges to Capital
This chapter discusses challenges faced by the capital system. It begins with a description of the unprecedented boom of the economies of the most developed capitalist countries (North America, Western Europe, Japan, and Australasia) in the 1950s and 1960s, dubbed as the ‘Golden Age’, characterized by low unemployment, low inflation, and rapidly growing living standards. This was followed by the apparent decline of the capitalist system during the second half of the 1960s and through the 1970s, characterized by the emergence of organized labour, international disorganization, and productivity slowdown.
Keywords: capitalist system, organized labour, international disorganization, productivity, developed economies, Golden Age, productivity slowdown
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