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Even the most sanguine of spokespeople for the business community has long been aware that the problems of the U.S. economy are more serious than the matter of recurrent recessions. Along with worries about interest rates, the international value of the dollar, the trade balance, the federal deficit, the danger of a new flareup of inflation, and the persistence of mass unemployment, there is a general awareness that what matters most is weak economic growth, for which the appropriate remedy is the revitalization of capital investment. Hence the efforts of one Washington administration after another to stimulate investment by means of a whole series of tax concessions to business (see Craig Medlen, "Corporate Taxes and the Federal Deficit," MR, November 1984). Yet capital investment has continued to lag.This article can also be found at the Monthly Review website, where most recent articles are published in full.Click here to purchase a PDF version of this article at the Monthly Review website.
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