This article was originally written on the occasion of the seventieth anniversary of the 1929 Wall Street Crash. It was not intended purely as a commemorative or historical piece. It was written because, to Marxists, all the signs were then apparent that another stock price ‘correction’ was in preparation.
Republication of the article is timely. In 2007 the sub-prime mortgage bubble finally burst. The financial crisis has already had a knock-on effect on the banks through the credit crunch. The capitalist world stands on the threshold of recession.
Andrew left a wealth of important writing that analysed the development of post-war capitalism. His best-known works were British capitalism, workers and the profits squeeze with Bob Sutcliffe in 1972; Capitalism since 1945 with Phil Armstrong and the late John Harrison in 1984 and most recently, Capitalism Unleashed (2006), reviewed earlier.