Australian Left Review

Article Title

Book Review: Late Capitalism


David Wasley


'One of the central purposes of this book". Mandel writes, 'is to provide a Marxist explanation of the causes of the long post-war wave of rapid growth in the international capitalist economy, which took both non-Marxist and Marxist economists by surprise; and at the same time to establish the inherent limits of this period, which ensured that it would be followed by another wave of increasing social and economic crisis for world capitalism, characterised by a far lower rate of overall growth." To achieve this formidable aim the author criticises, refines and accounts for the notion of the Kondratieff wave, convincingly providing it fo r the first time with Marxisi legitimacy.