Socialist Review spoke to Marxist economist Michael Roberts about mounting debt, the long recession, and the future prospects for capitalism in the wake of the coronavirus pandemic
Companies and states have taken on a massive amount of debt. What are the implications of this?
Even before the pandemic global levels debt levels were at post-war highs. This was not just public sector debt built up after bailing out the banks and other sectors during the great recession of 2008-09.
It included a huge build up of corporate debt as companies in the advanced economies borrowed at very low interest rates made possible by central banks.