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Named by Choice as an 'Academic Book of the Year' for 1979, The Second Slump locates the 1970s recession in the context of the theory and history of capitalist crises. It argues that the slump, unlike the earlier one in 1929-32, is marked by a high level of organization by the working class in the developed capitalist countries, and that it is fundamentally a crisis of over-production, in which oil price rises play only a secondary role.
“Forceful and aggressive... it is an effective analysis of the basic crisis which underlay the events since the OPEC oil price rises, and which has thrown postwar orthodoxies into disarray.”
“Mandel builds his analysis from an astonishing breadth of information about the world economy... fundamentally challenges the conventional wisdom of mainstream United States economists.”
“Mandel is a fine Marxist scholar... persuasive, analytically penetrating and exceptionally well informed at every point. Here is a sophisticated and up-to-date account of the present world crisis, as concise as it is encyclopaedic.”
“A storehouse of valuable factual material about the crisis... This is the first book to attempt to understand the world crisis of the 1970s, and certainly is not likely to be matched for some time in its extent of coverage.”