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The Global Economic Crisis and the Global Accumulation of Capital

By Wojciech Błasiak

Abstract

The article presents a thesis that the current global economic crisis is the Second Great Depression, after the First Great Depression of the 30s. This is a global crisis of capital accumulation, which is caused by insufficient global demand. The author analy - ses the theoretical output of John Maynard Keynes, Michał Kalecki, Paul Baran and Paul Sweezy. The post-war Golden Age of the capitalist economy ended in 1973 with a de - ep stag flation of the 70s and 80s. Capitals searching for profitable investment, started to be invested in financial speculation, growing since the 80s. This speculation was enabled on a global scale by the Washington Consensus in the 90s. The explosion of financializa - tion of the global economy began. The author presents the analyses of Paul Sweezy and Harry Magdoff, who argued that this was financialization of global accumulation of ca - pital in a form of world financial speculation. This process was completed by the finan - cial crash in 2008, which was the implosion of global speculative balloons. Economics and global economic policy faced challenges of creating new world economic order

Topics: LCC:Economic theory. Demography, LCC:HB1-3840, LCC:Social Sciences, LCC:H, DOAJ:Economics, DOAJ:Business and Economics
Publisher: Vizja Press & IT
Year: 2011
OAI identifier: oai:doaj.org/article:23fbb6d866034debb9690801016915a8
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