Zed Books The Decline of Capitalism: Can a Self-Regulated Profits System Survive

Review 'This book challenges the prevailing economic euphoria of the 1990s, and foreshadows many of the subsequent financial upheavals.'Development and Environment'Describes the breakdown in the functioning of the global economic order based on the capitalist profits system, revisiting and updating the analysis of the The Trouble with Capitalism (1998).'Journal of Economic Literature Product Description The collapsing share values, corporate failures and fraud that have marked the opening of the 21st century reveal a global financial crisis and raise fundamental questions about the sustainability of the present economic order. Harry Shutt shows that - the present crisis is the culmination of 30 years of deepening stagnation - there is a long-term trend towards reduced demand for both capital and labour - a deep depression has only been avoided through growing reliance on official subsidy and market distortion - regulatory reform will not work without further reducing profitability - any moves towards a more sustainable model will not be accepted by ruling elites He outlines an agenda for fundamental changes, based on the premise that the primacy of private profit is no longer compatible with the priorities of modern democracies. Instead, we need to emphasize equity, cooperation and far more effective democratic accountability. About the Author Harry Shutt is an independent economic consultant. He is the author of The Trouble with Capitalism (Zed Books, 1999) and A New Democracy: Alternatives to a Bankrupt World Order (Zed Books, 2001)