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System In Crisis

System In Crisis

The Dynamics of Free Market Capitalism

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In the late 1960s the operating world capitalist system hit a snag, exposing cracks that went to its very foundations. At first, this crisis was viewed as part of a normal business cycle of capital accumulation in which markets become saturated. The reaction created a mass of unemployed workers, reduced purchasing power and consumption capacity which initiated a further downward cycle of disinvestment and recession. The efforts to revitalize the capitalist system included the restructuring of world production, new information-based technologies designed to revolutionize the structure of produc...