I had originally planned to deal with the current state of the industrial cycle in this post. I assumed I would make a few passing comments on the U.S. mid-term elections and then go into the economic analysis. However, it became clear that the political crisis gripping the U.S. has reached a new stage. At the same time, the industrial cycle that began with the Great Recession of 2007-09 has now entered its terminal stage.
I have therefore decided to begin with the political crisis this month and, events allowing, examine the terminal stage of the current industrial cycle next month. One way or another, the interaction between the political crisis represented by Trump’s rise to power and the developing cyclical economic crisis will dominate national and global politics between now and the 2020 U.S. presidential election.
This blog has centered on capitalist economic crises, especially the periodic crises of overproduction. The industrial cycle with its periodic crises of overproduction and the political crises and wars that can turn into revolutions – or counterrevolutions – are closely intertwined in ways that are not always obvious.