Back to stagflation?

znet, 29.12.2021

The end of the financialization of capitalism looks confusingly similar to the beginning.

In recent weeks, a great retro fever has broken out in the business press. In the face of rapidly rising inflation and a mixed economic outlook, memories of the stagflation period in the 1970s are increasingly being evoked,1 when anemic economic growth, frequent recessions, rapidly swelling mass unemployment and sometimes double-digit inflation marked the end of the phase of postwar prosperity in the centers of the world system. The concept of stagflation – a nested word formed from the words stagnation and inflation – was popularized precisely during this period of crisis, which in a sense paved the way for neoliberalism.


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