Re: Estimating the surplus\Doug's question

[Doug Henwood <dhenwood@xxxxxxxxx>]

Fred B. Moseley wrote:

> You are comparing a cyclical low (1982) with a cyclical high (1997).
> And do your estimates include interest?

1997 was four years before the cyclical high, actually. But the 1982
low was in many ways - political as well as economic - a point of
structural reversal. Mexico's debt crisis marked the onset of
neoliberal restructuring of the world; the stock market took off at
almost the same minute as the Mexican quasi-default; and the Reagan
boom was about to begin. That was about a lot more than a business
cycle - it was about a whole new regime of accumulation.

Doug