Recessions, financial crashes and the like have been happening ever since Capitalism has been formed, as late as 1637 and since the industrial revolution to the expansion of the system worldwide, they have consistently happened on average once a decade.
Even just taking the post-war US
1948-1949
1953-1954
1957-1958
1960-1961
1969-1970
1973-1975
1980; 1981-1982
1990-1991
2001
2007-2009
2020
Both in times of Keynesian spending-driven capitalism and monetarist wage-braking capitalism. Not to mention how recessions were avoided in times of growth, such as the pre-Lehman Brothers speculatory bubble in real estate or the Biden administration throwing Europe to the wolves currently.
I’m not sure how they’re going to eliminate the boom bust cycle when it’s an inherent part of a capitalist economy. Turns out business owners don’t like giving up their ability to squeeze the life from their employees and pay them the smallest amount possible when the only goal is profit and growth.
Trust me bro I just have to adjust the interest rates just right I’ll figure it out TRUST ME BRO
200 years of evidence and they still say the same shit.
Even if you could cure “demand-side recessions” this shit would still occur because capitalism has absolutely no central authority with which to mount a response whenever an unexpected crisis hits. Disasters happen. Big events that shake up the system happen. You can’t cure these and you can’t resolve capitalism’s inability to respond adequately to them.
