Stagnation he considered as the rule and rapid economic growth as the exception under late capitalism. According to him, the rapid growth of 1945–1975 was mainly the product of historical conditions brought into being by the Second World War and could not last. The focus on Financialization, which emerged in the late 1970s, to him was a new more potent counter to stagnation “inseparable from the survival requirements of the system”, but eventually leading to the financial crisis 2007-2008.[1]