[PEN-L:28135] Re: Re: do recessions have a good side?

[Doug Henwood <dhenwood@xxxxxxxxx>]

Michael Perelman wrote:

> I don't think that he would characterize them as good.  Crises are part of
> the natural conditions of capitalism.  In the short run, they wipe out
> ficititous capital and restore balance, preparing the way for a further
> "bad" period of capitalist prosperity -- unless, as will eventually happen
> -- the crisis is so destablizing that it opens the door to socialism.

Do you believe that, or are you just summarizing KM's thinking?

Doug