{"@context":"http://iiif.io/api/presentation/3/context.json","id":"https://iastate.aviaryplatform.com/iiif/ns0ks6jw6p/manifest","type":"Manifest","label":{"en":["Sweezy, Paul M., The Global Crisis of Capitalism"]},"logo":"https://d9jk7wjtjpu5g.cloudfront.net/organizations/logo_images/000/000/004/original/ISULogo.png?1601681107","metadata":[{"label":{"en":["Preferred Citation"]},"value":{"en":["The Global Crisis of Capitalism. Iowa State University Lecture Series (RS 8/6/53). Special Collections and University Archives, Iowa State University Library, Ames, Iowa."]}},{"label":{"en":["Publisher"]},"value":{"en":["Iowa State University. Special Collections and University Archives"]}},{"label":{"en":["Rights Statement"]},"value":{"en":["There are no restrictions on access. (access)","This item is protected by copyright and/or related rights. You are free to use this item in any way that is permitted by the copyright and related rights legislation that applies to your use. 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Marxist,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=13.73,15.28"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/3","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and without any further ado Mr. Sweezy.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=15.28,17.84"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/4","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"(audience 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No.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=32.629,33.539"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/7","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\u003cstrong\u003e -:\u003c/strong\u003e No","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=33.539,34.372"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/8","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\u003cstrong\u003e -:\u003c/strong\u003e Our system is breaking 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there?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=52.09,53.18"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/13","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\u003cstrong\u003e -:\u003c/strong\u003e No.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=53.18,54.43"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/14","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\u003cstrong\u003e -:\u003c/strong\u003e Okay I'll try to talk louder.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=54.43,56.053"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/15","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Maybe it's better if you can't hear.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=59.91,62.3"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/16","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"(laughter)","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=62.3,64.329"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/17","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\u003cstrong\u003e -:\u003c/strong\u003e Somebody is working on it, so we'll up to you all.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=64.329,67.973"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/18","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\u003cstrong\u003e -:\u003c/strong\u003e I said that because I'm gonna try","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=70.09,71.74"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/19","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to do something that's impossible.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=71.74,73.623"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/20","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The subject, announced subject","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=74.67,78.15"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/21","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is the global crisis of capitalism,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=78.15,81.12"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/22","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and it's too big to handle in an hour.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=81.12,84.013"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/23","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"(laughter)","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=84.013,86.23"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/24","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That's probably partly my fault,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=86.23,87.81"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/25","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I forget who decided on the title.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=87.81,89.983"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/26","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"What I wanna do is something that's very hard to do,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=91.77,96.263"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/27","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that is treat the subject both in breadth","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=96.263,101.263"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/28","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and historically to give it a coherent whole wholeness.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=101.85,106.85"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/29","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And at the same time, do it","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=109.355,110.43"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/30","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in a kind of impressionistic way, skipping around,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=110.43,113.76"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/31","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"using a few facts here and there,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=113.76,116.39"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/32","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to try as an impressionistic candle man tried to do","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=116.39,120.58"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/33","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to fill in a whole canvas.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=120.58,123.16"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/34","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And when you get away from it a little,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=123.16,125.45"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/35","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"maybe make it coherent.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=125.45,127.233"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/36","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now the first reason, (clears throat) excuse me.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=129.23,132.563"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/37","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And indeed the main justification for speaking","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=133.71,138.53"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/38","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of a global crisis of capitalism, is that capitalism is","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=138.53,143.53"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/39","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and from its early days has been a global system.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=144.16,148.293"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/40","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It is not just a collection","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=149.16,150.86"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/41","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of discreet capitalist countries.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=150.86,153.313"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/42","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Some developed, some undeveloped,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=154.35,157.43"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/43","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"some underdeveloped, some developing.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=157.43,159.783"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/44","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It's a system in which all these are linked together,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=160.97,165.323"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/45","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and it has an overall structure.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=167.96,170.183"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/46","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Its parts are intermeshed in definite ways,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=171.13,175.34"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/47","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and it has what Max called laws of motion.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=175.34,179.233"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/48","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The structure I think is best 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ideology.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1489.12,1492.033"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/365","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But underneath and mostly out of sight,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1494.21,1498.79"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/366","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"certain long-term tendencies were at work,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1498.79,1502.55"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/367","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which pointed to stormy weather ahead.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1502.55,1504.973"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/368","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Here we may note a few of the more important of them,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1506.46,1509.92"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/369","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the list is by no means exhaustive.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1509.92,1512.033"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/370","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"In the heady atmosphere of those years,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1514.33,1518.11"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/371","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"optimism pervaded the business world here and abroad.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1518.11,1523.11"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/372","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Capitalists built for a supposedly,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1525.01,1527.87"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/373","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"endlessly expanding economy.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1527.87,1530.533"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/374","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Enormous amounts of capital equipment were piled up,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1531.97,1535.44"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/375","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"especially in basic industries like steel,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1535.44,1538.86"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/376","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"shipbuilding, motorcars and so on.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1538.86,1541.513"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/377","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Such an investment boom over creates exaggerated prosperity","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1543.63,1547.82"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/378","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the short and medium run and adds fuel to its own fires.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1547.82,1552.053"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/379","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But as in numerable historical experiences have shown,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1553.93,1558.19"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/380","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it cannot go on forever.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1558.19,1559.953"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/381","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And when it becomes clear that enough is enough,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1560.85,1564.87"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/382","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the let down is likely to be all the more jolting.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1564.87,1567.683"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/383","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I think we can date the point where the let down,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1568.65,1573.367"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/384","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the enough is enough","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1574.71,1576.64"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/385","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"situation yet to risen roughly the downturn of 1974 to 75,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1578.78,1583.78"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/386","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which as you all know was much more severe","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1588.81,1592.38"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/387","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"than any preceding post-second world war recession.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1592.38,1597.38"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/388","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Not as big or as prolonged as the Great Depression","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1597.73,1602.73"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/389","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the 1930s, but nevertheless qualitatively new","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1605.05,1609.31"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/390","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the post second world war period.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1609.31,1611.943"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/391","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Secondly, a huge pile-up of debt,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1614.29,1619.26"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/392","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"both nationally and internationally.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1619.26,1622.33"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/393","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"This begins at the very end of the war.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1622.33,1626.99"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/394","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And with only slight jiggles up and down in recessions,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1626.99,1631.83"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/395","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"continues right up to the present time.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1631.83,1634.293"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/396","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And the most rapid accumulation of debt has been","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1635.34,1640.01"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/397","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the last few years.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1640.01,1641.453"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/398","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Let me quote to you a special report in the","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1642.52,1647.52"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/399","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"respected business publication, business week,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1649.9,1654.9"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/400","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"from the issue of October 16th.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1656.54,1660.763"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/401","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Since late 1975 the United States has created","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1664.6,1669.6"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/402","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"a new debt economy.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1669.9,1672.21"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/403","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I'm quoting that.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1672.21,1673.44"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/404","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"A credit explosion so wild and so eccentric","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1674.52,1678.35"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/405","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that it dwarfs even the borrowing binge of the early 1970s.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1679.26,1683.883"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/406","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Internationally and I'm quoting again.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1685.82,1688.113"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/407","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The massive flow of funds from the international market","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1690.02,1695.02"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/408","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is enabling nations to keep rolling over old debt","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1695.24,1698.66"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/409","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and taking on new debt nearly without limit.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1698.66,1702.093"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/410","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"In just four years the industrialized countries","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1703.34,1707.24"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/411","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the world, have doubled their Euro market debt.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1707.24,1711.24"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/412","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The less developed countries that do not export oil,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1711.24,1715.29"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/413","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"have tripled their you're a market debt.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1715.29,1718.86"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/414","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And now even many of the OPEC nations themselves","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1718.86,1722.36"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/415","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"are borrowing on so vast to scale","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1722.36,1725.89"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/416","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that they will own nearly $10 billion","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1725.89,1728.11"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/417","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"by the end of this year.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1728.11,1729.3"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/418","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That's 1978, compared with a mere 900 million in 1974.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1729.3,1734.3"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/419","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"All this borrowing of course","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1738.34,1741.1"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/420","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"had its counterpart in spending,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1741.1,1743.113"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/421","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that is saying buying,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1744.871,1746.31"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/422","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and hence acted as a boiling factor on the various national","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1746.31,1751.31"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/423","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and international aspects of the economy, the world economy.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=1754.0,1758.593"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/424","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But, I don't suppose there's anybody who 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production","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2523.9,2528.9"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/612","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the preceding quarter century.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2529.09,2531.6"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/613","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That means that the, the market for industrial consume","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2531.6,2536.6"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/614","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"capital goods has been very sluggish in the recent period.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2537.6,2542.6"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/615","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That is one of the, I would say the key element","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2543.36,2547.14"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/616","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the stagflation of this period.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2547.14,2550.423"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/617","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That flation part of this, that's the stagnation part.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2551.441,2553.983"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/618","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The flation, the inflation part of it, is another problem.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2554.87,2559.87"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/619","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And I don't wanna try to go into 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Thural","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2566.16,2569.15"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/622","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and I'll, I wasn't here.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2574.841,2576.73"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/623","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So I don't know to what extent they,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2576.73,2579.92"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/624","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I know Lester Thural has done some extremely good work","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2579.92,2583.36"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/625","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"on that problem,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2583.36,2584.37"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/626","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and I think Jim Tobin probably holds the same view that","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2584.37,2589.37"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/627","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"once an inflation gets 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economy","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2599.36,2601.42"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/630","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"becomes increasingly indexed,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2601.42,2603.393"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/631","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"formally or informally to the rising level of prices","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2604.74,2609.69"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/632","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and does not have very much","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2609.69,2611.11"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/633","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"whether there's full employment of resources","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2611.11,2613.31"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/634","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or a stagnation, the process continues right along.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2613.31,2617.593"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/635","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And to break it,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2618.61,2620.143"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/636","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"would involve not a slowing down as Carter and Company","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2622.36,2627.36"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/637","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"now wishfully think,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2628.57,2630.42"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/638","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that would involve a genuine smash up","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2630.42,2633.69"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/639","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or real depression that could indeed break the inflation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2633.69,2638.69"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/640","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But obviously politically nobody's gonna go in","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2639.41,2643.42"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/641","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and deliberately create it.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2643.42,2645.15"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/642","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Might come but it won't come as a matter of policy.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2645.15,2649.523"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/643","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So in the center, faltering accumulation, stagflation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2653.17,2657.47"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/644","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and an out of control blowup of the debt structure","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2657.47,2660.86"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/645","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the periphery, declining real standards of living","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2660.86,2665.47"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/646","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for the massive people,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2665.47,2667.52"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/647","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"astronomical rates of unemployment,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2667.52,2670.043"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/648","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"often reaching 40 or 50% of the labor force.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2670.88,2675.353"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/649","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That's the case incidentally","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2676.57,2679.09"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/650","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in our nearest third world neighbor, Mexico.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2681.4,2684.723"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/651","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I think 50% is a conservative 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Mexico.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2693.02,2695.623"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/654","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But that's only an extreme case.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2697.46,2699.483"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/655","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Misery, malnutrition, starvation on an increasing scale,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2700.93,2705.93"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/656","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"with no let up or improvement in prospect.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2706.98,2709.773"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/657","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Both parts of the system,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2711.67,2713.743"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/658","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I think it's no exaggeration to say are in full crisis,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2714.69,2718.653"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/659","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"different kinds of crisis, to be 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crisis.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2729.42,2731.423"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/662","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That breaking points are already being reached,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2733.41,2737.32"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/663","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is indicated by certain recent developments.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2737.32,2741.713"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/664","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The near stock market and dollar panics","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2742.56,2745.19"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/665","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of last week in October, stock market went 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so.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2753.14,2758.083"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/668","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The dollar was tumbling in a unprecedentedly rapid way.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2759.73,2764.73"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/669","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"These were checked only by quite","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2766.88,2769.8"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/670","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"an an unusual vigorous measures by the government,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2771.613,2776.28"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/671","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but nothing in the underlying situation has changed by that.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2776.28,2781.28"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/672","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And there's no reason to suppose that these symptoms","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2781.31,2785.98"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/673","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"may not be resumed almost any time.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2785.98,2790.98"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/674","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I myself","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2792.21,2793.6"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/675","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"had for the first time a premonition","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2796.35,2799.257"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/676","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that something like 1929 was happening","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2802.25,2805.2"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/677","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that week in October.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2805.2,2807.53"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/678","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I remember it, I was 19 years old","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2807.53,2811.452"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/679","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and my father happened to be working in wall street.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2811.452,2815.113"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/680","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And it was an indelible memory,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2816.09,2819.663"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/681","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the fall of just about October as I remember of 1929.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2820.7,2825.7"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/682","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I had that feeling, I was wrong but I don't think entirely.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2827.72,2832.72"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/683","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I don't think it was entirely irrelevant.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2837.22,2839.27"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/684","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That is a symptom in the center,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2840.66,2843.923"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/685","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the periphery what do I need to say.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2845.31,2847.603"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/686","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Iran that's.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2848.86,2850.083"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/687","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That happened essentially beginning a year ago","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2852.73,2856.8"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/688","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but the acute phase started also","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2856.8,2861.31"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/689","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at the end of October and the beginning of November.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2861.31,2863.183"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/690","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2865.135,2865.968"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/691","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for US of course it's going,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2868.19,2870.77"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/692","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"perfectly obviously to do its utmost to try to restore","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2870.77,2874.23"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/693","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the status quo ante in Iran,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2875.35,2878.35"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/694","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but it looks very much like its losing game now.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2878.35,2882.31"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/695","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And if the us tries too hard,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2882.31,2885.623"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/696","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it may only succeed in pushing you Iran","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2887.09,2889.46"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/697","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"straight out of the global capitalist system altogether.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2889.46,2892.96"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/698","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I don't mean into the arms of the Soviet union either,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2892.96,2895.66"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/699","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I mean as a relatively independent country","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2895.66,2899.5"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/700","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"trying to make it on its own.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2899.5,2900.9"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/701","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I don't know whether that's possible","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2900.9,2903.81"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/702","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for any country to do nowadays.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2904.92,2907.683"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/703","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But a relative independence compared to what Iran","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2908.66,2911.93"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/704","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"has had in the last 25 years,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2911.93,2914.393"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/705","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"certainly should be attainable.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2915.73,2917.293"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/706","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And it seems pretty clear that Iran is not going to","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2918.18,2923.18"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/707","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"be returned to the status,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2924.77,2927.423"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/708","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"a regional sub imperialist policemen","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2928.84,2931.74"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/709","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the Persian Arab state golf in any near future, if ever.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2931.74,2936.74"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/710","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But quite apart from the specifics of the present situation,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2943.02,2947.65"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/711","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and in what may happen in the near future,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2947.65,2949.82"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/712","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and I wouldn't wanna predict,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2949.82,2952.38"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/713","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I think all we can do is to say possibilities","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2952.38,2957.0"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/714","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and really can identify certain trends.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2957.0,2961.723"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/715","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We can't predict what is likely to happen,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2962.72,2965.52"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/716","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because as I said earlier, this system is so complex,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2965.52,2970.06"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/717","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"there's so many variables and so many combinations","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2970.06,2973.39"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/718","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and permutations possible that prediction is foolishness","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2973.39,2978.39"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/719","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and surprise is the normal.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2979.138,2981.563"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/720","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But apart from the those immediate situations,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2983.46,2988.153"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/721","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"there is a much larger question at issue.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2989.76,2993.023"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/722","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The present crisis of the world capitalist system","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2994.9,2998.41"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/723","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is the result of forces which have been at work","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=2998.41,3001.28"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/724","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at least for the last part of the century.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=3002.36,3005.123"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/725","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"At least since the reconstitution of the system","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=3006.7,3011.0"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/726","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"on a new basis after the second world war,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=3011.0,3013.623"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/727","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and these forces are still at work.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=3014.82,3016.763"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/728","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"In fact, they are inherent in the system itself.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=3018.3,3021.883"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/729","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Unless something totally unexpected happens,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=3024.71,3027.82"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/730","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for example a major war,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=3027.82,3029.673"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/731","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"they will obviously continue to work.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=3031.07,3033.583"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/732","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They can't be stopped or controlled by national governments,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=3034.77,3038.163"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/733","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and there is no such thing as an international government.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=3039.02,3042.323"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/734","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"This doesn't mean the end","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=3044.98,3047.45"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/735","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the global capitalist system of capitalism,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=3047.45,3050.203"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/736","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"no social audit, collapses, and disappears,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=3051.3,3056.14"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/737","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it has to be overthrown and replaced.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=3056.14,3059.003"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/738","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But the time is coming I think,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=3060.86,3062.773"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/739","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"when more and more of us,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=3064.09,3065.763"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/740","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"will have to give thought to how it can be replaced,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=3066.76,3071.76"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/741","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"before irreparable damage is done to the whole human race.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=3073.6,3078.314"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/742","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Thank you.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=3078.314,3079.147"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/743","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"(audience applauding)","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=3080.098,3083.265"}]},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975","type":"AnnotationPage","label":{"en":["English [Transcript]"]},"items":[{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28975/annotation/744","type":"Annotation","motivation":"subtitling","body":{"type":"TextualBody","value":"https://d9jk7wjtjpu5g.cloudfront.net/file_transcripts/associated_files/000/028/975/original/AV168046_a.vtt?1622850096","format":"text/vtt","language":"en"},"target":"https://d9jk7wjtjpu5g.cloudfront.net/file_transcripts/associated_files/000/028/975/original/AV168046_a.vtt?1622850096"}]},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28976","type":"AnnotationPage","label":{"en":["AV168046_a.txt [Transcript]"]},"items":[{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778/transcript/28976/annotation/745","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"- Co-editor of Monthly Review magazine and is a renowned Marxist, and without any further ado Mr. Sweezy.\r\n\r\n- Can you all hear all right?\r\n\r\n- No.\r\n\r\n- No\r\n\r\n- Our system is breaking often There's nothing back there, is this one working. Can you hear it back there?\r\n\r\n- No.\r\n\r\n- Okay I'll try to talk louder. Maybe it's better if you can't hear.\r\n\r\n- Somebody is working on it, so we'll up to you all.\r\n\r\n- I said that because I'm gonna try to do something that's impossible. The subject, announced subject is the global crisis of capitalism, and it's too big to handle in an hour. That's probably partly my fault, I forget who decided on the title. What I wanna do is something that's very hard to do, that is treat the subject both in breadth and historically to give it a coherent whole wholeness. And at the same time, do it in a kind of impressionistic way, skipping around, using a few facts here and there, to try as an impressionistic candle man tried to do to fill in a whole canvas. And when you get away from it a little, maybe make it coherent. Now the first reason, excuse me. And indeed the main justification for speaking of a global crisis of capitalism, is that capitalism is and from its early days has been a global system. It is not just a collection of discreet capitalist countries. Some developed, some undeveloped, some underdeveloped, some developing. It's a system in which all these are linked together, and it has an overall structure. Its parts are intermeshed in definite ways, and it has what Max called laws of motion. The structure I think is best understood in terms of the center periphery metaphor. The transition from center to periphery, is not clear cut and abrupt, but graduated in a series of concentric rings, which merge into each other. At the center of the center is the hegemonic power. In the present and historical period, the United States of America, with the greatest concentration of wealth and military power. Around it are grouped the secondary imperialist powers, Britain, Germany, France, Japan, Holland. Next come the lesser developed capitalist countries. The Scandinavian countries, Belgium, Austria, Switzerland Italy, Spain, Portugal, Canada, Australia. And beyond this is where the periphery begins. The inner ring of the periphery consists of what may be called Regional Sub-imperialist powers, Mexico, Brazil, South Africa, Israel, Iran, at least until recently, perhaps India. And finally, there are the outer rings of the periphery, comprising the great majority of underdeveloped third world countries in Asia, Africa and Latin America. All of these make up a coherent hole with various lines of authority and subordination, running from the center of the center, clear out to the edges of the periphery. And generally speaking, there is a reverse flow of money, and it's counterpart real wealth from the outer edges of the periphery, through the intermediate rings to the center, and finally the center of the center. The whole Natalie constitutes a coherent whole but also a kind of a pyramid of power and wealth, to mix the metaphor a little. And on the other hand, a system of exploitation of weaker by stronger, at every stage of transition, from center, periphery to center and from bottom to top. The various units in the system, naturally have an interest in maintaining and if possible improving their relative positions. Hence even in the best of times, the system is in a state of constant agitation. Sufficient shifts in relative power can easily send it into a local or even global convulsion. Which brings about realignment and new patterns of authority and subordination. The biggest of these convulsions of course have been the two World Wars. Most of the other realignments of a more local kind also involve Wars, which may start either as Wars of aggression or as Wars of defense. Attempts at grand divestment or at repulsing such attempts by others. What is the driving force of the system? The force that keeps it from settling down into a stable pattern of subordination and super ordination. The answer can be summed up in three words, the accumulation of capital. Every unit of capital has an inherent and an eradicable urge to expand. They don't all succeed of course. Some fall by the wayside or are gobbled up by more efficient or ruthless rivals. But they all try. And the ones that survive are the successful ones. By the same token, every capitalist country made up as it is of units of capital, must always be tending to expand. But not all at the same rate. So there is inherent unevenness in rates of growth, hence in wealth and power, and those which are more dynamic are the ones that seek to improve their relative standing at the expense of others. This is the why there can never be a settling down in the system as a whole, never an equilibrium that is more than temporary, and for the most part precarious. Now the capital accumulation process, which is the motive force, does not proceed smoothly within capitalist countries any more than it does between them. It is fraught with what Marxists like to call contradiction. Which caused it to proceed in the form of cycles or waves, and from time to time, generate more serious blockages and crises. As between countries these cycles and crises may be synchronized or may be out of phase. When they are synchronized, they reinforce each other, when they are out of phase they may tend to offset each other. The rhythm may be such as to build up pressures in the system as a whole, or in segments of it, which find an outlet in jockeying for superior position against rivals. The number of possible permutations and combinations is very large, if not infinite. This is why the behavior of the global system, though it can be understood and analyzed, can never be predicted and is always full of unexpected surprises. The engine of an automobile, at least most automobiles is under the hood. That's the component that moves the whole vehicle. Similarly, the engine of the global capitalist system, the locus of change and motion in the whole system, is in the advanced countries of the center. It is the process of capital investment or accumulation there in the center, which determines and dominates the system's laws of motion. The periphery reacts to and is shaped by what happens in the center. Or to put it in a different way, the center enjoys a large degree of independence, while the periphery has virtually no independence. It follows that for the countries and peoples of the periphery, independence can be gained, if it can be gained at all, only by breaking out of the system and starting on a fresh foundation. It further follows that to the extent the peoples of the periphery aspire to independence, and the inclination in that direction seems strong and persistent, they can realistically pursue their objective, only by actively revolting against the economic and political ties that bind them to the global capitalist system. Now that's a sort of a very rough and very schematic framework, within which to conduct an analysis. And I liked next to review very briefly the development of the global capitalist system in recent times. The formative period begins in the late 15th and early 16th centuries, with the overseas expansion of the European mark in this countries. Spain, Portugal, Holland, France, and Britain. Colonial empires, the origins of today's periphery, we're built, and the nascent capitalist countries of what would become today center, fought it out for hegemony. Finally, Britain emerged as the clearly dominant hegemonic power following the defeat of France in the Napoleonic Wars. This situation lasted until roughly the last quarter of the 19th century, when a fresh burst of external expansion and colonization erupted, accompanied by a renewed struggle for hegemony. This time among France, Germany, the USA and Britain as the still hegemonic power, but being attacked by the others are challenged. And Japan soon joined the fray, as the first nonwhite imperialist power of modern times. This phase culminated in the first world war, which marked the defeat of the German bid for hegemony. The rise of the US to rough parity with Britain, before reaching reshuffling of colonies and spheres of influence in the periphery and significant augury of things to come, the Russian revolution and the first massive breakaway from the global system itself. For a few years in the 1920s, a relative equilibrium was established under what was in effect a shared Anglo American Hegemony. But as we, it was extraordinarily short lived. The British hegemony of the 19th century lasted more than a half a century, the Anglo British Hegemony after the second world war, less than two decades. The rise of Nazism in Germany, signaled a second German bid for hegemony. This time in alliance with Japan, whose ambitions to profit from the outcome of the first world war in the far East, were frustrated by superior Anglo American Naval power. This renewed struggle hegemony led directly to the second world war. And it was the second world war which set the stage for the development of this situation, which is the focus of our attention here this evening. Let me list in short hand what I see as the crucial results of that great conflict. Number one, there was the second defeat of Germany in its second bid for hegemonic position. The first defeat for Japan. Second, the weakening of Britain and France, as a result of the war and their participation in it. Third, the rise to undisputed hegemony by the United States of America. Forth, the defection of China, from the global capitalist system, following in the wake of Russia at the end of the first world war. The Russian Defection took out of the global capitalist system the largest landmass in the world. The Chinese defection, the largest population mass in the world. And by touring in the periphery, this is the fifth consequence, was a whole series of national liberation struggles, which had their origins, their beginnings as far back as the turn of the century, and then one or two cases even before. The case of India for example, with a consequent and continuing replacement of colonialism by neocolonialism. That is formal rule from the center by various informal modes of domination. The period of US hegemony, which began at the end of the second world war, lasted for somewhat more than a quarter of a century. By the end of that time, it began to weaken. As the defeated powers of the second world war gradually recovered their strength. And as national liberation struggles developed and threatened the structure of the system in its outlying regions. The global capitalist system always works best when there is one undisputed hegemonic power. And the erosion and ending of that undisputed hegemony always signals the onset of a time of troubles and crises. The post second world war period has been no exception. Under US hegemony, global capitalism had the benefits of a functioning and flexible international monetary system, and a relatively free flow of international trade and capital. Gold and the US dollar were established by the Bretton Wood's Chords of the late forties, as interchangeable forms of international currency. This not so incidentally, gave the United States the equivalent of an inexhaustible goldmine. The growth of trade and payments, created a huge demand for an increased supply of universally acceptable forms of money. The US could and did under the Bretton Wood system, satisfy this demand, by running deficits in its balance of payments. Thus pushing more and more dollars out into the economies and banking systems of the rest of the world. For the US, this privilege was a source of enormous power, enabling this country to draw on the resources of the whole world almost at will. It was also a source of temptation and danger. The temptation was to abuse the privilege of creating paper gold. The danger was, that abuse would wreck the system. As we shall see, the temptation was too great for the us to resist. But a workable monetary system and relatively free trade, were not the only conditions favoring the accumulation of capital in the post-second world war period. There were also the following to be considered. First, the need to repair the damages inflicted by the fighting. That was particularly true in Europe and Japan. Second, the availability of a greater array of new capital using technologies, emerging from wartime developments. Thirdly, the enormous demands created by the military needs of the hegemonic power, and to a lesser extent its military allies. These were on a scale unprecedented in peace time. These needs are inherent in the hegemonic position itself, and have been swelled by the special conditions of this period. That is the growth of national liberation struggles in the third world, and the efforts of the imperialist powers of the center to suppress or defeat these struggles. The outstanding examples of course, are the major regional Wars of Korea and Vietnam. I might point out also that the difference between British military needs in the 19th century and US military needs in the period after the second world war, is in part due to changes in military technology and also geography. Britain could control its empire and most of the dependencies of Europe through the use of the Navy in the 19th century. Most of the power centers in the third world are populated and economically valuable centers were near the coasts, and could be easily approached and dominated by a Navy. After the second world war, that was no longer true and huge land and air armies were necessary. And they of course enormously more expensive than a small relative to what's needed nowadays, a small professional Navy. Against this background, we can understand that the end of the second world war, opened a period of unprecedented expansion and prosperity for the global capitalist system. Ever since 1945, until very recently, the upswings of the business cycle, were long by historical standards, the downswing short and shallow. The contradictions of capitalism so dear to the hearts of Marxists, seemed to have been so mitigated and not actually eliminated, that they could be realistically thought of as things of the past. And United States in particular, we experienced what C Wright Mills ironically called the American celebration, while Daniel Bell and other writers of his persuasion spoke of the end of ideology. But underneath and mostly out of sight, certain long-term tendencies were at work, which pointed to stormy weather ahead. Here we may note a few of the more important of them, the list is by no means exhaustive. In the heady atmosphere of those years, optimism pervaded the business world here and abroad. Capitalists built for a supposedly, endlessly expanding economy. Enormous amounts of capital equipment were piled up, especially in basic industries like steel, shipbuilding, motorcars and so on. Such an investment boom over creates exaggerated prosperity in the short and medium run and adds fuel to its own fires. But as in numerable historical experiences have shown, it cannot go on forever. And when it becomes clear that enough is enough, the let down is likely to be all the more jolting. I think we can date the point where the let down, the enough is enough situation yet to risen roughly the downturn of 1974 to 75, which as you all know was much more severe than any preceding post-second world war recession. Not as big or as prolonged as the Great Depression of the 1930s, but nevertheless qualitatively new in the post second world war period. Secondly, a huge pile-up of debt, both nationally and internationally. This begins at the very end of the war. And with only slight jiggles up and down in recessions, continues right up to the present time. And the most rapid accumulation of debt has been in the last few years. Let me quote to you a special report in the respected business publication, business week, from the issue of October 16th. Since late 1975 the United States has created a new debt economy. I'm quoting that. A credit explosion so wild and so eccentric that it dwarfs even the borrowing binge of the early 1970s. Internationally and I'm quoting again. The massive flow of funds from the international market is enabling nations to keep rolling over old debt and taking on new debt nearly without limit. In just four years the industrialized countries of the world, have doubled their Euro market debt. The less developed countries that do not export oil, have tripled their you're a market debt. And now even many of the OPEC nations themselves are borrowing on so vast to scale that they will own nearly $10 billion by the end of this year. That's 1978, compared with a mere 900 million in 1974. All this borrowing of course had its counterpart in spending, that is saying buying, and hence acted as a boiling factor on the various national and international aspects of the economy, the world economy. But, I don't suppose there's anybody who seriously would claim that that can go on forever. Although there are many perfectly prepared to act as though it could. Now for many reasons, some related to what has already been said, the United States has continued to run huge balance of payments deficits. Enhanced to flood the world with dollars far beyond the needs of the international monetary system. Now you will be told by the press, the media and by many economists that the reason for this preexisting deficit in the balance of payments is the large increase, the quadrupling of the price of petroleum in 1960 and 1973-four and by various other special factors. This is a complete fallacy. Germany and Japan import a lot more oil than the United States, much more dependent on imported oil. Both of them have huge balance of payments surpluses. They, as a matter of fact also the OPEC countries, the oil exporting countries send back more dollars to the United States in various forms than the United States loses to them through the increased price of petroleum. These are simply scapegoats for the real reason for the pushing out of the dollars and the persistent deficit. And that is the costs of running a war of maintaining huge military basis, of maintaining subsidies of a military and economics so that for all kinds of clients trying to hold this global system together in the coherent whole which I described, under increasingly adverse conditions and therefore an increasing costs. And those dollars, the criminal dollars that are producing all this trouble you hear so much about, that's the real origin of where they come from. And it's now gone to the point where the United States cannot, and don't let anybody fool you about the big changes that were inaugurated on November 1st by Kotter, cannot control the deficit without giving up the role in the world, the dominant role in the world which it has held all by itself in the whole period since the second world war. The net result of this continuing outflow of dollars. And by the way, that outflow is not anything that started in 1934, for us in 1974 or five, it goes way back. In fact it's been happening pretty much ever since the second world war, because that's when the cost of empire began to run as high as they are in this period. But the net result of all that is that there are now sloshing around in the world, outside the United States. Dollars that have been estimated to amount to as much as 600 or 700 billion. These are held in foreign banks and in effect of the of what they hold disappeared. So they're really in a bind. They would like to get rid of them in every chance they get to sneak a few of them and change them into in Yens, or into marks of Swish banks, they grab the opportunity. But at the same time, they are of course obliged to keep on accepting them at the risk of upsetting the whole wealth of course. It's a very excruciating dilemma. But this huge overhang of dollars is like a sword of Damocles over the dollar and can at any time recreate conditions like, or even worse than the near panic selling of dollars of last October, which gave rise to Nixon excuse me, Carter's actions of November 1st. That was not always altogether a podium slip after all, Nixon actions in 71 had many similarities to cut his actions in 78. And at some point, this tension between the desire to get rid of the dollar and the need to hold onto them, may give way to a panic. Say everybody for himself, save as much as you can while the saving is good. And that could easily lead to international monetary panic. Similar, perhaps we can imagine what it might be like by going back to what happened after the last comparable incident, not the same but comparable in the sense of plotting a shock to the system. That was the bankruptcy, the collapse of the Austrian credit-Anstalt in 1931, which triggered the international financial collapse of 1931-33, and led to the breakup of the international economy, the trading system and the monetary system of the twenties, and in its place was put the super nationals type of protectionism, monetary currency blocks, national controls, on flow of money and capital and so, which characterized the period from 1931 on to the second world war. And another, this would be the fourth tendency that's been at work underneath the surface, largely out of sight during this 25 year period of unprecedented prosperity, is a growing inequality between the countries of the center and the countries of the periphery. With an attendant exacerbation of the tensions and contradictions of the system as a whole, and a proliferation of national liberation struggles, aiming to achieve escape from the constraints and ties of the global capitalist system and it's network of domination. Not that I'm not implying that the periphery was in any way excluded from the accumulation process during these years, it wasn't. But in the case of the underdeveloped countries of the periphery, it took its own special forms, mostly under the Aegis of multinational corporations based in the center, and aiming not to develop the peripheral countries, but to increase the corporation's own profits. And pursuing this purpose, the multinational corporations go into the third world, not with a view to restructuring their markets, in the interests of their own people but with a view to maximizing their profits from existing markets, where their type of technology, their type of know-how, can be most effective. And those markets in the third world are of two kinds. One, the demand for consumption goods, a relatively small upper income group, maybe 20% of the population, which in the past has traditionally imported it's luxury, motorcars, appliances, all of the most sophisticated consumer goods which characterize a much broader mass market in the developed and the advanced capitalist countries. That has been one of the markets that and the most important type of markets that the multinational corporations have gone into the third world to provision. Secondly, international markets for which the demand originates outside of the third world countries themselves. And in either case, the great mass of the people in the third world don't figure as attractive markets. In fact, they figure as cost of production. And it is in the interests of the multinational corporation to keep the wages and the prices of their products if they happen to be farmers or peasants, down to an absolute minimum, so that the profit from the consumption good, the consumption market of the upper-crust and the international market can be maximized. For this reason capitalist industrialization in the third world, which is a new thing in history. It didn't amount to much before the second world war, and certainly not under the Aegis of the multinational corporations of the mother countries, has grown greatly but has gone along typically with the ruthless exploitation of indigenous human and natural resources. The appropriate and indeed the necessary compliment of this kind of economic development in the political sphere, is the brutal police military deck dictatorships which are fast becoming the norm throughout the capitalists dominant native regions, Asia, Africa and Latin America. The upshot of all these coexisting trends and tendencies is two-fold. In the center, faltering accumulation, stagflation, and an out of control blow up of the debt structure. I spoke of the lagging of accumulation due to the over production of means of production in the preceding quarter century. That means that the, the market for industrial consume capital goods has been very sluggish in the recent period. That is one of the, I would say the key element in the stagflation of this period. That flation part of this, that's the stagnation part. The flation, the inflation part of it, is another problem. And I don't wanna try to go into that, I think you had some pretty good discussions of that earlier in the week by professor Thural and I'll, I wasn't here. So I don't know to what extent they, I know Lester Thural has done some extremely good work on that problem, and I think Jim Tobin probably holds the same view that once an inflation gets started it's extremely hard to stop because expectations are built in and the whole economy becomes increasingly indexed, formally or informally to the rising level of prices and does not have very much whether there's full employment of resources or a stagnation, the process continues right along. And to break it, would involve not a slowing down as Carter and Company now wishfully think, that would involve a genuine smash up or real depression that could indeed break the inflation. But obviously politically nobody's gonna go in and deliberately create it. Might come but it won't come as a matter of policy. So in the center, faltering accumulation, stagflation and an out of control blowup of the debt structure in the periphery, declining real standards of living for the massive people, astronomical rates of unemployment, often reaching 40 or 50% of the labor force. That's the case incidentally in our nearest third world neighbor, Mexico. I think 50% is a conservative estimate of the amount of unemployment and severe underemployment in Mexico. But that's only an extreme case. Misery, malnutrition, starvation on an increasing scale, with no let up or improvement in prospect. Both parts of the system, I think it's no exaggeration to say are in full crisis, different kinds of crisis, to be sure. But together, they mean that the whole system is also in full crisis. That breaking points are already being reached, is indicated by certain recent developments. The near stock market and dollar panics of last week in October, stock market went down a hundred Dow Jones, a hundred points from around 900 to 800 in a week or so. The dollar was tumbling in a unprecedentedly rapid way. These were checked only by quite an an unusual vigorous measures by the government, but nothing in the underlying situation has changed by that. And there's no reason to suppose that these symptoms may not be resumed almost any time. I myself had for the first time a premonition that something like 1929 was happening that week in October. I remember it, I was 19 years old and my father happened to be working in wall street. And it was an indelible memory, the fall of just about October as I remember of 1929. I had that feeling, I was wrong but I don't think entirely. I don't think it was entirely irrelevant. That is a symptom in the center, in the periphery what do I need to say. Iran that's. That happened essentially beginning a year ago but the acute phase started also at the end of October and the beginning of November. And for US of course it's going, perfectly obviously to do its utmost to try to restore the status quo ante in Iran, but it looks very much like its losing game now. And if the us tries too hard, it may only succeed in pushing you Iran straight out of the global capitalist system altogether. I don't mean into the arms of the Soviet union either, I mean as a relatively independent country trying to make it on its own. I don't know whether that's possible for any country to do nowadays. But a relative independence compared to what Iran has had in the last 25 years, certainly should be attainable. And it seems pretty clear that Iran is not going to be returned to the status, a regional sub imperialist policemen of the Persian Arab state golf in any near future, if ever. But quite apart from the specifics of the present situation, and in what may happen in the near future, and I wouldn't wanna predict, I think all we can do is to say possibilities and really can identify certain trends. We can't predict what is likely to happen, because as I said earlier, this system is so complex, there's so many variables and so many combinations and permutations possible that prediction is foolishness and surprise is the normal. But apart from the those immediate situations, there is a much larger question at issue. The present crisis of the world capitalist system is the result of forces which have been at work at least for the last part of the century. At least since the reconstitution of the system on a new basis after the second world war, and these forces are still at work. In fact, they are inherent in the system itself. Unless something totally unexpected happens, for example a major war, they will obviously continue to work. They can't be stopped or controlled by national governments, and there is no such thing as an international government. This doesn't mean the end of the global capitalist system of capitalism, no social audit, collapses, and disappears, it has to be overthrown and replaced. But the time is coming I think, when more and more of us, will have to give thought to how it can be replaced, before irreparable damage is done to the whole human race. Thank you.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43684/file/116778#t=0.0,3108.552"}]}]}]}