New Directions in Modern Economics series
Edited by Riccardo Bellofiore and Giovanna Vertova
Chapter 2: The crisis of the early 21st Century: Marxian perspectives
That capitalism underwent a new structural crisis about three decades after the crisis of the 1970s, under circumstances evocative of the Great Depression, raised numerous interrogations. The purpose of the present chapter is to summarize our own interpretation, and discuss a set of other analyses of Marxian inspiration. Marxist scholars share a common critical analysis of capitalism in general and, more specifically, of neoliberalism, the latter phase of capitalism. But there should be no surprise in the discovery that the interpretation of the crisis remains controversial. The example of the Great Depression is telling in this respect: eighty years after the event, no consensus has yet been found concerning its actual roots, and the same sets of alternative explanations are often retaken in the discussion of the current crisis.
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