Features » October 19, 2017
When the Market Went Dark
Thirty years after the crash of ’87 and we’re still at the mercy of a volatile economic system.
The crash of ’87 is a reminder that for all its vaunted rationality, capitalism is an economic system driven by greed and fear.” With these words, long-time In These Times contributor David Moberg began the cover story from the Oct. 28–Nov. 3, 1987, issue.
Thirty years ago, “Black Monday” sent markets into a tailspin across the globe. The ’87 crash was the largest single-day market crash in history, resulting in the loss of hundreds of billions of dollars on the stock market and shrunken pension funds.
The crash of 2008, and the resulting Great Recession, offered further evidence that the capitalist system is not just risky, but prone to crises. Today, the shaky foundations of our finance-centered economic system remain largely unchanged.
Moberg ended his piece calling for a new direction in crafting U.S. economic policy:
Politically, the opportunity is ripe to respond with a more cooperative world economic order and domestically with a more democratic, innovative economy that stresses education, research, techno - logical sophistication, social accountability of capital, job security, workplace democracy and equality.
Unfortunately, this positive prescription didn’t take off, and George H.W. Bush won the next year’s presidential election. Thirty years on, we still need real alternatives to a system of greed and fear.
Help In These Times Continue Publishing
Progressive journalism is needed now more than ever, and In These Times needs you.
Like many nonprofits, we expect In These Times to struggle financially as a result of this crisis. But in a moment like this, we can’t afford to scale back or be silent, not when so much is at stake. If it is within your means, please consider making an emergency donation to help fund our coverage during this critical time.
if you like this, check out:
- The Police Were Created to Control Working Class and Poor People, Not ‘Serve and Protect’
- Pelosi and Schumer’s Shamefully Tepid Response to Trump’s Threat to Unleash the Military on Protests
- The Food Industry’s Next Covid-19 Victims: Migrant Farmworkers
- The Focus on Looting Shows How Our Systems of Power Value Capital Over Human Lives
- Amid Minneapolis Uprising, Anti-War Veterans Call On National Guard to Stand Down