Andrieh Vitimus and Jason M. Colwell welcome Micheal Roberts to the show for the first time. Michael will discuss with us his book: World In Crisis.
Michael Roberts is an economist who has worked in the City of London for over 30 years. But he is also a Marxist economist. He wrote The Great Recession – a Marxist view that had predicted the great financial collapse and slump of 2008-9. In 2016, he wrote The Long Depression that described the aftermath of the that slump as a new depression like the 1930s. Now he has co-edited a series of papers that argue that the main cause for regular and recurring recessions and slumps in the major economies of the world can be found in Marx’s law of the tendency of the rate of profit to fall, first developed some 150 years ago. This new book, The World in Crisis, brings together the work of young Marxist economists around the world to show that this law really does operate in capitalist economies and is the main cause of the instability and eventual downfall.