Elements of novelty, known mechanisms, and the fundamental causes of the recent crisis
AbstractWe briefly describe the recent evolution of the crisis and, by reviewing some of its explanations based on different theories, we proceed towards our own interpretation. The deregulation wave of the last decades has created new profit opportunities in various contexts – from labour flexibility to privatisation, from financialisation to globalisation – so promoting a renewed process of capitalist accumulation after the stagflation of the 1970s. This has taken place at the cost of a wide-ranging increase of inequality and instability, thus implying a crescendo of crises until the last one (and maybe beyond).
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 41088.
Date of creation: 06 Sep 2012
Date of revision:
deregulation; capitalist accumulation; inequality; instability; crisis;
Find related papers by JEL classification:
- E66 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General Outlook and Conditions
- P17 - Economic Systems - - Capitalist Systems - - - Performance and Prospects
- G01 - Financial Economics - - General - - - Financial Crises
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