Abstract

One of the great ironies of our time is that precisely when all signs point to an overproduction of capital, a great hue and cry is being raised over an alleged shortage of capital. At least 25 percent of manufacturing capacity is standing idle (in some industries unused capacity is over 35 percent), residential construction is down 50 percent from its previous (1972) high, and there are far more unemployed than would be needed to operate the idle plants and machinery and to build new homes. Yet in the midst of the most severe economic decline since the Great Depression the business community and bourgeois economists are zeroing in on capital insufficiency as the most crucial problem facing U.S. capitalism. Here are some of the outcroppings of this new ideological departure.This article can also be found at the Monthly Review website, where most recent articles are published in full.Click here to purchase a PDF version of this article at the Monthly Review website.

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