Abstract

During the late 1960s, the long post-war economic boom which had characterised the advanced capitalist countries began to fade away. In its wake came an equally long era of stagnation, decline, and political and economic turbulence. Unemployment, inflation, falling profitability, business failures and bankruptcies were the new order of the day, and it became commonplace to see fearful headlines about the possible collapse of the global financial system or even of accumulation itself.