Abstract
In this note we (1) reaffirm and present additional evidence in support of the proposition that, in the absence of wage and price controls, it is higher wages and "labor problems"—not higher materials costs—that squeeze profits in the latter half of expansions; (2) contend that neither a wage-push nor a profit-push theory by itself is at all adequate as an explanation of the current crisis; and (3) suggeshlt that it is a mistake for radicals to "absolve" the working class of "blame", for being, by virtue of its attempts to increase its standard of living, part of the contradictions of monopoly capitalism.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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