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The Protracted Crisis of Capitalism*
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Aug 31st 2020, Prabhat Patnaik
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The
current crisis in capitalism is not because of the pandemic,
but due to the operation of neoliberalism that increased
the share of economic surplus in output by keeping the
real wage rates unchanged, even while labour productivity
increased. The existence of an over-production crisis
predating the pandemic has only made things worse.
*
This article was originally published in People's
Democracy on August
30, 2020.
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