After
a brief illusion of recovery in the U.S., the world
economic crisis is getting accentuated. Trump administration
would rather increase its fiscal deficit, if at all
it does, through tax cuts than state expenditure under
the hegemony of finance capital. This might further
suppress consumption expenditure, already constricted
by falling global wages. Such policies, paired with
hostile protectionism, would make correcting over-production
and hence overcoming world crisis, almost impossible.
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This
article was originally published in the People’s Democracy,
Vol. XLI No. 21, May 21, 2017. |
