The nerves of stock market speculators can’t be in too good
a shape these days. Wall Street has just suffered its second biggest point drop
in four years. This immediately spread to Asian stocks markets that suffered
serious falls.
China
hints at a tax on capital gains and the Shanghai
stock exchange falls by 10%, but then the fall affects all the other major
stock exchanges. What does all this indicate? Michael Roberts gives his view on
the question.
A reader has objected to some of Michael
Roberts’ criticisms of Andrew Glyn’s latest book. Among others it deals with
the question of whether profit rates in the post-war period were affected by
wage increases. Roberts replies showing that the fundamental reason for the
decline was the same as that stated by Marx.