Notes from the Editors, January 2016

  • - The Editors
Keywords: Stagnation, Economic Theory, Political Economy


Prabhat Patnaik's Review of the Month in this issue addresses problems of economic stagnation and imperialism in the context of explaining the current global crisis. Patnaik is part of a broad tradition of Marxian thought and heterodox economic analysis more generally that has long focused on issues of economic stagnation under monopoly capitalism. Such questions are now finally being taken up even by orthodox economists, but in ways that systematically ignore decades of contributions in this regard made by heterodox theorists. Ever since Larry Summers raised the issue of secular stagnation (referring back to Alvin Hansen's theory of the 1930s and '40s) at an IMF meeting in 2013, the question of stagnation has become part of a worldwide economic debate, moving issues that were once on the margins to center stage. This has resulted in a proliferation of mainstream economic treatments of the history of the secular stagnation concept in the 1930–1950s period, after which mainstream economists had essentially declared the issue dead.
Notes from the Editors