The son-member countries.
Part of the way it does this is by publishing regular surveys of the economic statistics and prospects of its members. One such survey Mast been prepared for the DECD by a group of expert Western economist They Include a former chairperson of the Council of EconAdvisors to the US Presi alian Central Bank, a forme German ouncil of Economic Advisers, a ormer vice-president Market Commission. and the Master of an Oxbridge college.
subject went had it so good усал years of high unemployInflation and very little growth, And their conclusion t was nothing but the regrettable consequence of a series of unforate accidents The study, Towards Full Employment and Price argues that the problems faced by the countries in the 1970s have been caused hy two main factors. First, there was a series of shocks to the economies of the West, shocks which had their origins DISCE LICE RUBE STOLEN 24 bail down to a succession arvest failures coupled with the large rise in all prices in 1972-4.
The second cause is seen as the fact that most capitalist states in sionary economic policies at a were quite inappropriate Thus posed on the US financing of the Vietnam war by the printing of disasters over which there was no control; an attempt by the more effectively, and mistnices and incompetence in demand surprisingly then, these economists reject..
HE VIEW HE CASHI MATC riented systems and democratic solitical institutions have failed WAS TELES I BEC LO! existing instruments of economic policy, and better functioning marker mechanisms. exiting and SIMON MOHUN Organisation for Economic Cooperation and Development has as its members the world's major capitalist countries. The stated aims of this rich nation's club are to promote economic growth, full employment and financial stability amongst its members; and to help spread the beaefits of capitalist development to poorer In the nineteenth century some economists believed that econ The DECD's argument today is exactly the same.
takes something external to cap italism as a system (the sun, the weather, the Arabs, the stupidity of governments) in order explain why capitalism gets into ITAMINE But Marxists know that capitalism gets into trouble precisely because it is capitalism Crises are inberent within the capitalist system. They will continue to occur and recur as long as capitalism remains. For capiterty, private owsership and con its driving force is the profit; production is production or profit and not production for people's needs.
Bur production is organised through the increasing specialiThis situation, of growing socialIsation of the forces of produc tom, is constantly disrupted by rivate property relation Such a disruption is called crisis. Roughly speaking. nain way of increasing profits i by increasing productivity, Productivity is increased by replacing workers with machines. process tends to lead to falls in profitability. A crisis