The Decline of Capital

The Decline of Capital by Arthur Jones

Americans have to be educated to the great American facts of modern life – that this country has peaked as a self-sufficient nation endowed with a potential for constant growth. In his foreword, Paul Erdman reflects on this statement from The Decline of Capital: “Pessmistic, yes. But those who are expecting yet another spectacular gloom and doom scenario … will be disappointed. … Jones is not playing to the crowd. His is not a dramatic story of a ‘Great Crash’ to be followed by the ‘Greatest Depression Ever Told.’ … The curve of our national economy, which, throughout our history, has allowed for universally rising expectations, is no longer ascending. … Our economic future has already begun. … It is not a future which will culminate in a catastrophic collapse, but rather something much less exciting, something which will prove to be quite tedious and trying: a future in which ‘recession is permanent’. In other words, Jones shows that we have passed over a new threshold. The Decline of Capital is about what we can expect.”

The Decline of Capital by Arthur Jones (Japanese cover)

Publication details

Publisher: Crowell
Publication date: 1976
Hardcover ISBN: 978-0690010459
202 pages