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Send to: 3435 Army St., Rm. 308, San Francisco, CA 94110 16 SOCIALIST ACTION SEPTEMBER 1990 times harder than the industrialized economies. One example: $25-a-barrel oil will raise Brazil's oil bill by $1.5 billion a year, while that country's annual exports are $34 billion and annual debt service is $10 billion. Other countries are worse off.
Structural crisis worsens
The bottom line is the economy is teetering on the edge of a major recession likely to be more severe than usual because of unresolved structural factors.
The heart of the problem for U.S. capitalism is a crisis of over-production and inter-imperialist competition that has led to a decline in both the rate of profits and mass of profits for major U.S. multinational corporations. The total corporate debt, which affects capital investments, has skyrocketed over the 1980s. That debt is a big reason behind the crisis of the banking industry.
There are two fundamental ways to resolve such a crisis: introduce new technology that can qualitatively raise labor productivity, or destroy excess capacity. The former is not yet on the agenda. The latter requires a massive world war that is excluded. Regional wars aren't enough.
Short of these scenarios, the employers and their governments seek to qualitatively 6 months for $3 Enclosed is a amount I'd like Name Addre City Zip contribution.
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