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Jacobin is a leading voice of the American left, offering socialist perspectives on politics, economics, and culture.
So long as capitalism is not overthrown by the proletarian revolution, it will continue to live in cycles, swinging up and down. Crises and booms were inherent in capitalism at its very birth; they will accompany it to its grave. But to determine capitalism’s age and its general condition — to establish whether it is still developing or whether it has matured or whether it is in decline — one must diagnose the character of the cycles. In much the same manner the state of the human organism can be diagnosed by whether the breathing is regular or spasmodic, deep or superficial, and so on.
— Leon Trotsky, The First Five Years of the Communist International, 1924
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