Hardback
The Great Financial Meltdown
Systemic, Conjunctural or Policy Created?
9781784716486 Edward Elgar Publishing
The Great Financial Meltdown reviews, advocates and critiques the systemic, conjunctural and policy-based explanations for the 2008 crisis. The book expertly examines these explanations to assess their analytical and empirical validity. Comprehensive yet accessible chapters, written by a collection of prominent authors, cover a wide range of political economy approaches to the crisis, from Marxian through to Post Keynesian and other heterodox schools.
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Critical Acclaim
Contributors
Contents
More Information
The Great Financial Meltdown reviews, advocates and critiques the systemic, conjunctural and policy-based explanations for the 2008 crisis. The book expertly examines these explanations to assess their analytical and empirical validity. Comprehensive yet accessible chapters, written by a collection of prominent authors, cover a wide range of political economy approaches to the crisis, from Marxian through to Post Keynesian and other heterodox schools.
This interrogation of economic policy in light of the financial crisis is essential reading for real-word economists. To those seeking to understand the current economic stagnation and failings of the system, it offers an enlightening exposition of contemporary political economy.
This interrogation of economic policy in light of the financial crisis is essential reading for real-word economists. To those seeking to understand the current economic stagnation and failings of the system, it offers an enlightening exposition of contemporary political economy.
Critical Acclaim
‘What caused the 2007–09 global financial crisis and Great Recession? Why was the "recovery" from this crisis period anemic or, in many countries, such as Greece, non-existent? Orthodox economists have almost completely drawn a blank in providing useful answers. By contrast, The Great Financial Meltdown provides a rich array of alternative – and frequently conflicting – perspectives from the Marxian, Post Keynesian and related heterodox traditions. All serious students of real-world economics will have their minds opened by studying this impressive collection.’
– Robert Pollin, University of Massachusetts-Amherst, US
‘This book offers fresh insights across the ultimate causes and the long-term implications of the current crisis. It also critically examines the policy alternatives currently on the table, advancing constructive forms of engagement both among the heterodoxy, and with mainstream economics. There is simply no better starting-point to understand the ongoing predicament of advanced as well as “emerging” economies.’
– Alfredo Saad-Filho, SOAS, University of London, UK
– Robert Pollin, University of Massachusetts-Amherst, US
‘This book offers fresh insights across the ultimate causes and the long-term implications of the current crisis. It also critically examines the policy alternatives currently on the table, advancing constructive forms of engagement both among the heterodoxy, and with mainstream economics. There is simply no better starting-point to understand the ongoing predicament of advanced as well as “emerging” economies.’
– Alfredo Saad-Filho, SOAS, University of London, UK
Contributors
Contributors: E. Bakir, R. Bellofiore, A. Campbell, R. Desai, B. Fine, V.K. Fouskas, A. Freeman, D. Harvey, A. Kaltenbrunner, E. Karacimen, D.M. Kotz, S.D. Mavroudeas, S. Mohun, O. Orhangazi, M. Roberts, T. Subasat, J. Toporowski, J. Weeks
Contents
Contents:
PART I INTRODUCTION
1. The Crisis in Context
Turan Subasat
2. Roots of the Current Economic Crisis: Capitalism, Forms of Capitalism, Policies, and Contingent Events
David M. Kotz
PART II CRISIS AND PROFITABILITY
3. Crisis Theory and the Falling Rate of Profit
David Harvey
4. Monocausality and Crisis Theory – A Reply to David Harvey
Michael Roberts
5. Booms, Depressions, and the Rate of Profit: A Pluralist, Inductive Guide
Alan Freeman
PART III THE CRISIS IN ECONOMIC AND SOCIAL REPRODUCTION
6. A Global Approach to the Global Financial Crisis
John Weeks
7. The Incubator of the Great Meltdown of 2008: The Structure and Practices of US Neoliberalism as Attacks on Labor
Al Campbell and Erdogan Bakir
8. The Value of History and the History of Value
Radhika Desai
9. The Systemic Failings in Framing Neo-Liberal Social Policy
Ben Fine
10. The Policy-Based and Conjunctural Causes of the 2008 Crisis
Turan Subasat
11. The Systemic Causes of the 2008 Crisis – An Alternative Theoretical Perspective
Turan Subasat
PART IV CRISIS AND FINANCE
12. Inequality, Money Markets and Crisis
Simon Mohun
13. The Crisis of Finance and the Crisis of Accumulation: It Was Not a ‘Lehman Brothers Moment’
Jan Toporowski
14. Contradictions of Capital Accumulation in the Age of Financialization
Özgür Orhangazi
15. Which Crisis, of Which Capitalism? A Marxian and Financial Keynesian Interpretation of Neoliberalism and the Great Recession
Riccardo Bellofiore
16. The Contested Nature of Financialization in Emerging Capitalist Economies
Annina Kaltenbrunner and Elif Karacimen.
PART V THE CRISIS UNFOLDS
17. The Greek Crisis: Structural or Conjunctural?
Stavros D. Mavroudeas
18. Greece, Global Fault-lines and the Disintegrative Logics of Germany''s Primacy in Europe.
Vassilis K. Fouskas
19. Conclusions
John Weeks
Index
PART I INTRODUCTION
1. The Crisis in Context
Turan Subasat
2. Roots of the Current Economic Crisis: Capitalism, Forms of Capitalism, Policies, and Contingent Events
David M. Kotz
PART II CRISIS AND PROFITABILITY
3. Crisis Theory and the Falling Rate of Profit
David Harvey
4. Monocausality and Crisis Theory – A Reply to David Harvey
Michael Roberts
5. Booms, Depressions, and the Rate of Profit: A Pluralist, Inductive Guide
Alan Freeman
PART III THE CRISIS IN ECONOMIC AND SOCIAL REPRODUCTION
6. A Global Approach to the Global Financial Crisis
John Weeks
7. The Incubator of the Great Meltdown of 2008: The Structure and Practices of US Neoliberalism as Attacks on Labor
Al Campbell and Erdogan Bakir
8. The Value of History and the History of Value
Radhika Desai
9. The Systemic Failings in Framing Neo-Liberal Social Policy
Ben Fine
10. The Policy-Based and Conjunctural Causes of the 2008 Crisis
Turan Subasat
11. The Systemic Causes of the 2008 Crisis – An Alternative Theoretical Perspective
Turan Subasat
PART IV CRISIS AND FINANCE
12. Inequality, Money Markets and Crisis
Simon Mohun
13. The Crisis of Finance and the Crisis of Accumulation: It Was Not a ‘Lehman Brothers Moment’
Jan Toporowski
14. Contradictions of Capital Accumulation in the Age of Financialization
Özgür Orhangazi
15. Which Crisis, of Which Capitalism? A Marxian and Financial Keynesian Interpretation of Neoliberalism and the Great Recession
Riccardo Bellofiore
16. The Contested Nature of Financialization in Emerging Capitalist Economies
Annina Kaltenbrunner and Elif Karacimen.
PART V THE CRISIS UNFOLDS
17. The Greek Crisis: Structural or Conjunctural?
Stavros D. Mavroudeas
18. Greece, Global Fault-lines and the Disintegrative Logics of Germany''s Primacy in Europe.
Vassilis K. Fouskas
19. Conclusions
John Weeks
Index
