 The ABCs of the Economic Crisis; What Working People Need to Know
Author:Fred Magdoff, Michael D Yates
The economic crisis has created a host of problems for working people; collapsing wages, lost jobs, ruined pensions and the anxiety that comes with not knowing what tomorrow will bring. Compounding all this is a lack of reliable information that speaks to the realities of information that speaks to the realities of workers. Commentators and pundits seem more confused thatn anyone, and economists - the so-called "experts" - still cling to bankrupt ideologies that failed to predict the crisis and offer nothing to explain it. In this short, clear, and concise book, Fred Magdoff and Michael D Yates explain the nature of the economic crisis. Contrary to conventional wisdom, the authors demonstrate that this crisis is not some aberration from a normally benign capitalism but rather the normal and even expected outcome of a thoroughly irrational and destructive system.
Fred Magdoff taught at the University of Vermont in Burlington, is a director of the Monthly Review Foundation and has written on political economy for many years.
Michael D Yates is associate editor of Monthly Review and editorial director of Monthly Review Press.
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