Second Slump

Named by <i>Choice</i> as an 'Academic Book of the Year' for 1979 <i>The Second Slump</i> locates the 1970s recession in the context of the theory and history of capitalist crises. It argues that the slump unlike the earlier one in 1929-32 is marked by a high level of organization by the working class in the developed capitalist countries and that it is fundamentally a crisis of over-production in which oil price rises play only a secondary role.