In this working paper, Erinç Yeldan investigates the 2007-2008 financial crisis, hailed as the most devastating (and complex) crisis of capitalism since the great depression of 1929.He suggests that the 2007-2008 crisis was not the end result of a series of technical errors or ad hoc developments that occurred on their own, but was instead the result of the systemic imbalances of capitalism over the last three decades.In order to evaluate the conditions of the global crisis more clearly, Yeldan considers it critical that its underlying structural causes are understood.The paper reflects the Marxian literature on crises, prominently that of Rosa Luxemburg, pointing out to the necessity of a ‘corrective war’ in order to break with old institutions, old technologies, and old methods of accumulation.
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Paper provided by Political Economy Research Institute, University of Massachusetts at Amherst in its series Working Papers with number
wp197.
Find related papers by JEL classification: E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy F01 - International Economics - - General - - - Global Outlook F02 - International Economics - - General - - - International Economic Order; Noneconomic International Organizations;; Economic Integration and Globalization: General F5 - International Economics - - International Relations and International Political Economy G01 - Financial Economics - - General - - - Financial Crises