Robert Brenner is the director of the Center for Social Theory and Comparative History at UCLA, and the author of The Boom and the Bubble, published last year.
The ‘virtuous cycle’ touted by Greenspan was little more than hype. What drove the economy . . . was a vicious cycle that proceeded from rising equity prices to rising investment, in the face of falling profitability, which issued in increasing overcapacity that lowered profitability still further.
The English Civil War occupies a strange niche in contemporary memory. To all official appearances, no episode of the country’s modern past is so parenthetical. Leaving no reputable trace...
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