A bewildering spectacle

Written by Geoffrey McCormack on June 17, 2019

New York Stock Exchange in 1889.

The Panic of 1873 was a financial crisis that triggered the first worldwide economic depression. In those days, they called it the Great Depression. It lasted for 23 years.

Long periods of stagnation and instability are recurrent in capitalism. We’re in the middle of the fourth one right now. And they happen because the system can’t maintain sufficient profitability.

When profits stagnate, so does everything else.

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