The Responsibility of the Left

  • Paul M. Sweezy
  • Harry Magdoff
Keywords: History, Political Economy


As the Reagan administration nears the end of its second year in office, the U.S. economy is in a frightful shambles. The official (and seriously understated) unemployment rate is over 10 percent; 30 percent of manufacturing capacity lies idle; bankruptcies are soaring; and millions of people are living on the edge of starvation while agricultural surpluses pile up and farmers are driven off the land. In one breath Reagan blames it all on the Democrats, while in the next he boasts that the country is better off than when he took office.
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