In fact, with time, the crises of postwar oecd capitalism have become so pervasive that they have increasingly been perceived as more than just economic in nature, resulting in a rediscovery of the older notion of a capitalist society-of capitalism as a social order and way of life, vitally dependent on the uninterrupted progress of private capital accumulation.Ĭrisis symptoms are many, but prominent among them are three long-term trends in the trajectories of rich, highly industrialized-or better, increasingly deindustrialized-capitalist countries. footnote 2 For four decades now, disequilibrium has more or less been the normal condition of the ‘advanced’ industrial world, at both the national and the global levels. Global inflation in the 1970s was followed by rising public debt in the 1980s, and fiscal consolidation in the 1990s was accompanied by a steep increase in private-sector indebtedness. Successive crises have proved to be ever more severe, spreading more widely and rapidly through an increasingly interconnected global economy. footnote 1 Looking back, the crash of 2008 was only the latest in a long sequence of political and economic disorders that began with the end of postwar prosperity in the mid-1970s. T here is a widespread sense today that capitalism is in critical condition, more so than at any time since the end of the Second World War.
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