The world economy is on the brink of a profound crisis. The threat of global deflation and the emergence of chronic excess global capacity characterizes the contemporary phase of crisis and stagnation. Lucarelli argues that these pathological features of globalization acquire a remorseless logic during the 'mature' stages of monopoly capitalism. He explores the historical origins and theoretical tendencies of this protracted crisis from a Keynes/Kakecki perspective. INDICE Introduction PART I: A THEORETICAL CRITIQUE Accumulation & Crisis: Marxian Controversies Circular & Cumulative Causation Over-Accumulation & Crisis Long Cycles of Growth & Stagnation? PART II: THE ERA OF STAGNATION AND CRISIS: 1975-2000 The Demise of Pax Americana The Onset of "Eurosclerosis" The US-Japanese Axis: Unity or Rivalry? Conclusion: The Coming Crisis Bibliography