This is part 1 of a two part post.
Labor theorists of various persuasions have spent a lot of time discussing the causes of the present crisis. That discussion is extremely important, because it seeks to find the causes of the crisis that result from its fundamental premises. However as important as this discussion is, it is clear the crisis continues and the capitalist class is not so much concerned about its cause, as it is about how to cure it. In this spirit, I spent some time trying to understand how exactly the capitalists think the crisis will be resolved. In an essay, published by Project Syndicate, “What’s Stopping Robust Recovery?”, Nobel Laureate Michael Spence explains why the so-called “recovery” isn’t robust and what has to be done to change this.
(WARNING: you will need to set your Marxist decoder ring to “simpleton” in order to translate this bullshit.)