Michael Harrington deals here with the
death of both classical and Keynesian economic theory that left
a crisis in both bourgeois and socialist economics. In the course
of this talk, he pretty much correctly outlines most of the issues
in political economy for the 1980s: not bad as this was on June
16, 1980, prior to Reagan's election to the Presidency. Essentially,
one gets a glimpse not only of what happened but a number of
might - have - beens as well. As Harrington talks about the circumstances
that made both right wing and left wing Keynesian economic policy
unworkable, this talk is of more than historical interest.
The venue for the speech is not entirely
clear. Harrington was talking to a gathering of the Democratic
Socialist Organizing Committee (one of the predecessor organizations
to the Democratic Socialists
of America); however, there is no indication of where or
what the occasion was.