ABSTRACT
The crisis that began in 1974 in the leading economies was profoundly different from those of the 1930s because the economic situation was more homogeneous—intensive accumulation was widespread, as were Fordism and mass consumption; the markets were interdependent in terms of both suppliers and consumers. However, each economy retained the imprint of its path-dependency and encountered genuinely national factors of crisis that were to combine with the play of international economic relations to bring lasting change to earlier growth mechanisms.
