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Elementi di novità, meccanismi noti e cause di fondo della recente crisi
[Elements of novelty, known mechanisms, and fundamental causes of the recent crisis]

  • Russo, Alberto

We firstly provide a brief description of the crisis episodes, from the 2007-8 "liquidity crisis" to the 2008-9 "global recession". Then, we discuss some possible interpretations of the recent evolution, focussing on diverse aspects of the crisis: from the "elements of novelty" (financial innovations and new practices of risk management) to "known mechanisms" (the pro-cyclicality of the credit supply and the role of finance in a monetary production economy) and its "fundamental causes" which, in our opinion, date back to the deregulation policies implemented in many countries during the last decades, starting from the US and the UK. These decisions have created new profit opportunities in various contexts, so promoting a renewed process of capitalist accumulation. This process has taken place at the cost of a wide-ranging increase of inequality and instability, thus implying a "crescendo" of crisis episodes (both at the national and the international level) until the more recent one. Accordingly, we think that the current crisis is linked to the underlying movements of capitalist accumulation (from the financiarization of advanced economies to the gradual shift of the centre of the world economy towards China and other Asian emerging countries), its functioning as a monetary production economy and its political dimension.

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File URL: http://mpra.ub.uni-muenchen.de/21648/1/MPRA_paper_21648.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 21648.

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Date of creation: 25 Mar 2010
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Handle: RePEc:pra:mprapa:21648
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  1. Bruce C. Greenwald & Joseph E. Stiglitz, 1988. "Financial Market Imperfections and Business Cycles," NBER Working Papers 2494, National Bureau of Economic Research, Inc.
  2. Freeman, Alan, 2009. "What makes the US Profit Rate Fall?," MPRA Paper 14147, University Library of Munich, Germany.
  3. Bernanke, Ben S. & Gertler, Mark & Gilchrist, Simon, 1999. "The financial accelerator in a quantitative business cycle framework," Handbook of Macroeconomics, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 21, pages 1341-1393 Elsevier.
  4. Antonelli, Cristiano, 2009. "Appunti per una lettura schumpeteriana della crisi e implicazioni di politica economica," Department of Economics and Statistics Cognetti de Martiis LEI & BRICK - Laboratory of Economics of Innovation "Franco Momigliano", Bureau of Research in Innovation, Complexity and Knowledge, Collegio 200914, University of Turin.
  5. Delli Gatti, Domenico & Gallegati, Mauro & Greenwald, Bruce & Russo, Alberto & Stiglitz, Joseph E., 2006. "Business fluctuations in a credit-network economy," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 370(1), pages 68-74.
  6. Domenico Delli Gatti & Mauro Gallegati & Bruce Greenwald & Alberto Russo & Joseph Stiglitz, 2009. "Business fluctuations and bankruptcy avalanches in an evolving network economy," Journal of Economic Interaction and Coordination, Springer, vol. 4(2), pages 195-212, November.
  7. Domenico Delli Gatti & Mauro Gallegati & Bruce C. Greenwald & Alberto Russo & Joseph E. Stiglitz, 2008. "Financially Constrained Fluctuations in an Evolving Network Economy," NBER Working Papers 14112, National Bureau of Economic Research, Inc.
  8. Merih Uctum & Sandra Viana, 1999. "Decline in the US profit rate: a sectoral analysis," Applied Economics, Taylor & Francis Journals, vol. 31(12), pages 1641-1652.
  9. Reinhart, Carmen & Rogoff, Kenneth, 2009. "This Time It’s Different: Eight Centuries of Financial Folly-Preface," MPRA Paper 17451, University Library of Munich, Germany.
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