| | During the [[Great Bear Market]] from 1929 to 1942, the [[Dow Jones Industrial Average]] (DJIA) had rallies of 48% (from November 13, 1929, to April 17, 1930), 94% (July 8, 1932, to September 7 of that year), 121% (February 27, 1933, to February 5, 1934), 127% (July 26, 1934, to March 10, 1937), 60% (March 31, 1938, to November 12 of that year), and 28% (April 8, 1939, to September 12 of that year). Yet, on April 28, 1942, the apex of the [[Malthusian catastrophe]] that was [[World War II]], the DJIA was still at only 92.92, 76% below its September 3, 1929, high of 381.17. <ref>Daniel Turov, [http://www.leithner.com.au/newsletter/issue18.htm ''Mixed Message,''] Barron’s, 21 May 2001, quoted in the Liethner Letter, Issue 1826 June 2001, retrieved 11 June 2007.</ref> | | During the [[Great Bear Market]] from 1929 to 1942, the [[Dow Jones Industrial Average]] (DJIA) had rallies of 48% (from November 13, 1929, to April 17, 1930), 94% (July 8, 1932, to September 7 of that year), 121% (February 27, 1933, to February 5, 1934), 127% (July 26, 1934, to March 10, 1937), 60% (March 31, 1938, to November 12 of that year), and 28% (April 8, 1939, to September 12 of that year). Yet, on April 28, 1942, the apex of the [[Malthusian catastrophe]] that was [[World War II]], the DJIA was still at only 92.92, 76% below its September 3, 1929, high of 381.17. <ref>Daniel Turov, [http://www.leithner.com.au/newsletter/issue18.htm ''Mixed Message,''] Barron’s, 21 May 2001, quoted in the Liethner Letter, Issue 1826 June 2001, retrieved 11 June 2007.</ref> |
| | + | James Burnham, a former [[Trotskyite]], discovered in 1941 that the "workers revolution" which allegedy was to overthrow the capitalist "exploiters", was in real practice a "managerial revolution" which replaced older 19th century owners of capital with twentieth century technocrats and managers. Burnham found that "workers in this mythical 'workers' state" were, the facts showed, a subject class far more heavily exploited than the workers under capitalism," and that the new managers in a planned economy "have curbed the masses and have instituted a social structure in which they are on top, not by virtue of private property rights in the instruments of production, but through their monopoly control of a state power which has fused with the economy." <ref>James Burnham, ''The Managerial Revolution'', Indiana University Press, Bloomingham 1966.</ref> |