The world economy is on the brink of a profound crisis. The threat of global deflation and the emergence of chronic excess global capacity characterizes the contemporary phase of crisis and stagnation. Lucarelli argues that these pathological features of globalization acquire a remorseless logic during the 'mature' stages of monopoly capitalism. He explores the historical origins and theoretical tendencies of this protracted crisis from a Keynes/Kakecki perspective.

BILL LUCARELLI is a Lecturer in Economics and Finance at the University of Western Sydney. He is the author of The Origins and Evolution of the Single Market in Europe and has also published widely in academic journals on the world economy and on various theoretical problems associated with the issues of growth and crisis.

Introduction PART I: A THEORETICAL CRITIQUE Accumulation & Crisis: Marxian Controversies Circular & Cumulative Causation Over-Accumulation & Crisis Long Cycles of Growth & Stagnation? PART II: THE ERA OF STAGNATION AND CRISIS: 1975-2000 The Demise of Pax Americana The Onset of "Eurosclerosis" The US-Japanese Axis: Unity or Rivalry? Conclusion: The Coming Crisis Bibliography