1. The Great Recession: a profitability crisis. By G.Carchedi

2. (1) Crisis years (2) Negative % change in new value in crisis year(s) (3) % Rise in OCC from pre- crisis to crisis years (4) % Fall in ARP from pre-crisis to crisis year (5) % Fall in employment from pre-crisis to crisis year(s) 1949-7.24 1948(1.02) 1949(1.12) 1948: 17.3 1949: 13.0 1948 (-0.8) 1949 (-6.8) 1954-5.13 1953(0.97) 1954(1.08) 1953: 13.7 1954: 12.4 1952 (4.8) 1953(-2.2) 1957-58 Cumulative -14.16 1956(0.92) 1957(1.01) 1956: 13.0 1957: 10.0 1955(5.9) 1956(1.6) 1960-61 Cumulative -0.72 1959(1.06) 1960(1.08) 1959: 12.5 1960: 10.8 1959 (4.4) 1960 (-4.5) 1970-6.19 1969(1.13) 1970(1.17) 1969: 10.3 1970: 7.7 1968(2.6) 1969(1.1) 1974-75-11.03 1973(1.12) 1974(1.17) 1973: 11.4 1974: 11.4 1975: 11.0 1972(4.7) 1973(4.2) 1980-82 Cumulative -15.79 1979(1.18) 1980(1.28) 1979: 12.4 1980: 10.1 1978(5.9) 1979(0.8) 1990-91 Cumulative -12.36 1989(1.28) 1990(1.50) 1989: 7.1 1990: 7.1 1991: 5.4 1987(2.3) 1989(-0.4) 2001-02 Cumulative -18.84 2000(1.75) 2001(2.02) 2000: 6.4 2001: 3.4 2002: 3.0 1997(2.4) 2000(0) 2007-09Cumulative -28.4 2006(2.07) 2007(2.15) 2006: 13.1 2007: 11.0 2008: 7.8 2009: 4.4 2005(1.6) 2006(-1.1) Table 1. Crises

3. Upward cycle (1) Exploitatio n Rate (2) ARP (3)Assets (4)wages (5)OCC (6)labour (7) New value (8) 200313.14.11.902.15-2.18 3.48 2004 24.47.81.32.72.121.3812.97 2005 35.511.41.42.52.101.6811.68 (a) 2006 40.213.13.252.070.138.67 Ppt27.19 Table 2. The 2006-7 recovery, % growth

4. Crisis years (1) Assets (2) Wages (3) OCC (4) ARP (5) Employment (6) New Value (7) 20063.25.0 2.0713.1 0.13 8.6 20075.71.8 2.1511.0 -1.93 -2.2 20086.0-3.3 2.367.8 -7.53 -9.5 20092.4-9.6 2.674.4 -12.54 -16.7 Table 3. The 2007-9 Great Recession, % growth

5. Chart 1. ARP and ratio of financial to total profits

6. Chart 2. Ratio of financial profits to profits in the productive sectors

7. PeakTroughFinancial crises 197319751974-5 197619821980-82 198419911984-5 199420021998; 2000 200420092007-8 Table 4. Cycles of growth of new value and financial crises

8. (1) (2) % change in financial profits (3) FP/TP (4) % change new value (5) ARP 200327.3838.23.44.1 200413.9933.312.97.8 200517.2529.011.611.4 20061.3426.08.613.1 2007-27.3821.6-2.211.0 Table 5. The 2007 financial crisis as potentially present in the previous recovery

9. Chart 1. ARP and ratio of financial to total profits.

10. Chart 3 ARP and CE-ARP