Abstract

The U.S. economy has once again entered a recession which is accompanied by rampant inflation. The total output of goods and services, as measured by the Gross National Product (GNP), started to decline during the second quarter of this year. Prices, on the other hand, shot up at an annual rate of 10 percent during the same period. This behavior is typical of the recessions of the 1970s.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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