Brian Green (Marxist economist that often comments on Michael Roberts blog posts) delivers once again a fascinating empirical Marxist analysis of the current US economy, this time focusing on the rate of profit since the last crisis in 2008 (spoiler: it ain't looking good for porky). I invite everyone to read the 2 part pdf appended to this post, it gets really technical but worth a read.
I will copy here his conclusions and forecast, from his article, for the global economy that are in my opinion really interesting:
<On Sunday the 10th, at the Historical Materialism Conference I will be supporting Michael Roberts who is delivering a paper whose theme is the same as these articles: namely that it is profits that determines investment, and, not vice versa. This is not an academic debate but a debate that will shape the future. The period of neo-liberalism with its grotesque inequalities and bubble driven economy is over having run capitalism into the ground. If capitalism is to be salvaged it will be so, despite the protests of the billionaire media tycoons, only through left-reformism. The foolish leadership of groups like the SWP [Socialist Workers Party] who see an insurgent right in the immediate future, rather than left-reformism, are lost in the maze of history. Left-reformism is Keynesianism. Its hypothesis that capitalism’s malaise is caused by under-consumption, or what is the same thing, a lack of effective demand, leads it to propose a state solution to the problems facing capitalism. In so far as they tax the rich and redistribute to the poor, that will have a positive effect on the economy. In so far as they believe that state spending can substitute for unprofitable production, they are going to be sorely mistaken. Left reformism will fail because the conditions of profit do not allow for its success. At the outset, the Marxist Critique of Political Economy, in this case that of Keynesianism, is bound to be marginalised. However, as and when left-reformist solutions fail or become unaffordable, we need to ensure that an anti-capitalist perspective emerges centre stage. In this endeavour we dare not fail, because what follows the phase of left-reformism, will be the period of revolution or counter-revolution.