Western capitalist economists suffer from myopia and lack of a sense of history. Recently, the World Bank claimed that the world economy was “stabilizing” – a euphemism for saying the world economy is stagnating or contracting.
The truth is that the only countries growing are China, India and Indonesian. The US is about even with the European economy in contracting. But in long run, since the Great Recession of 2008, the Western world has been in a slump.
Read on Michael Roberts’ Blog
