Understanding Globalization, Financialization, Competition and Crisis
Chapter 3: The Centrality of Money, Credit and Financial Intermediation in Marx’s Crisis Theory: An Interpretation of Marx’s Methodology
There is a striking paradox that confronts the reader of that part of the modern literature on Marxian crisis theory written in English. On the one hand, it is evident that monetary and financial problems have been and continue to be at the very center of the recurring economic crises that have afflicted most capitalist economies in the past fifteen to twenty years. These economies have experienced roller-coaster inflation, secular stagnation, domestic credit crunches and recurring waves of bankruptcy. Simultaneously, the international financial system that guided the general prosperity of the 1950s and 1960s has broken down, giving way to a decade of unpredictable, disruptive gyrating exchange rates. International debt crises of suffocating magnitude ensnare most of the Third World and a good deal of the Second as well. The business press asks with regularity if an international financial collapse of depression-producing magnitude is very likely, or only moderately likely: the answer changes from time to time.
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