Explaining the Financial and Economic Crises
New Directions in Modern Economics series
Edited by Eckhard Hein, Daniel Detzer and Nina Dodig
Chapter 5: Five explanations for the international financial crisis
The financial crisis which began in the USA in 2007, and which led to the deepest global recession since the Second World War in 2008 and 2009, is only the most recent in a long string of crises and recessions that have afflicted capitalist economies. Breakdowns in economic reproduction did also occur in pre-capitalist societies, but these were primarily due to external factors, such as wars or droughts or the plague. In capitalist economies, by contrast, crises have emerged as a result of developments within the economy. This chapter will first briefly explain the background and main features of the current crisis and then examine five of the main approaches to explaining it.
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