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New Left Review 80, March-April 2013


Kozo Yamamura

SYSTEMIC SLOWDOWN?

The subject of Tyler Cowen’s book—the slow and at times even negative economic growth of the American economy for almost the past forty years, with all its distressing social and political consequences—is of singular importance; given that all the advanced capitalist democracies are experiencing the same protracted stagnation, the subject is perhaps the most serious systemic question of our time. [1] Tyler Cowen, The Great Stagnation: How America Ate All the Low-Hanging Fruit of Modern History, Got Sick, and Will (Eventually) Feel Better, E. P. Dutton & Co.: New York 2011, $12.95, hardback 109 pp, 978 0 525 95271 8 We would all wish for a better understanding of the causes of the slowdown, in order to find ways to break free of the quandary that is increasingly threatening the workings of democratic polities across the developed world.

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