Forgive us our debts: The History of Debt
Benjamin Kunkel, 10 May 2012
Most analysts divide postwar capitalism into two periods. The first extends from the late 1940s into the 1970s. The end of the second appears to have been announced by the crisis – at first a ‘financial’ crisis, now often a ‘debt’ crisis – that broke out in 2008. The precise boundary between the postwar eras gets drawn differently depending on which feature of the terrain is emphasised. In terms of overall growth rates, it was with the recession of 1973-74 that the surge after the Second World War gave way to deceleration across the wealthy world.