As the economic crash of 2007-8 and its sequels developed, neoliberal economists often said that economic theory can never cope with such eruptions, and left-minded economists and political economists struggled to find answers. This book documents discussions as they developed; an introduction and an afterword tell the story of the crisis, and offer syntheses and angles on some of the debated issues. What were the chief imbalances in the world economy? Is US hegemony breaking down? Were falling profit rates at the root of the crash, and if so why were they falling? How does "financialisation" reshape capitalism? Why did neoliberalism prove so resilient? How might the repercussions lead to it being subverted from the right or from the left? Contributors are Robert Brenner, Dick Bryan, Trevor Evans, Barry Finger, Daniela Gabor, Andrew Gamble, Michel Husson, Andrew Kliman, Costas Lapavitsas, Simon Mohun, Fred Moseley, Leo Panitch, Hugo Radice, and Alfredo Saad-Filho.
Martin Thomas has been a socialist writer and activist for many decades, and studied economics at Birkbeck University of London. He is the author of
Gramsci in Context (Workers' Liberty, 2014).
Table of contents
List of Figures Acknowledgement About the Contributors Introduction The Story of The Crisis From Crunch to Slump From Banks to Governments To "Emerging Economies" Global Finance The Keynesian Moment, And Reverting To Type "Safe to Invest" Crises and Finance Minsky vs Marx? Phases Profits and Crises Okishio Ruinous Competition The Resilience of Neoliberalism Part 1. After 2007:
"Those of us who have looked to the self-interest of lending institutions to protect shareholders' equity (myself especially) are in a state of shocked disbelief." Fred Moseley - The long trends of profit. March 2008 Costas Lapavitsas – A new sort of financial crisis. April 2008 Leo Panitch – The crisis depends on the fightback. April 2008 Simon Mohun – An era of rampant inequality. May 2008 Trevor Evans – The imbalances are unsustainable. June 2008 Dick Bryan – The inventiveness of capital. July 2008 Michel Husson – A systemic crisis, both global and long-lasting. July 2008 Part 2. After September 2008:
"This sucker could go down" Michel Husson – The crisis of neoliberal capitalism. December 2008 Costas Lapavitsas - The debacle of financialised capitalism, January 2009 Andrew Kliman – The level of debt is astronomical. December 2008 Leo Panitch – The chain broke at the weakest link. December 2008 Fred Moseley – The bondholders and the taxpayers. December 2008 Simon Mohun - The neoliberal model is bust - January 2009 Robert Brenner - The economy in a world of trouble. April 2009 Dick Bryan – The underlying contradictions of capitalist finance. June 2009 Part 3. After 2009:
The endless bailout Barry Finger - The falling rate of profit. July 2011 Leo Panitch - The banks' crisis and the left's crisis. August 2011 Michel Husson – Nationalise the banks! September 2011 Michel Husson – The endless bailout of Europe. November 2011 Daniela Gabor – Europe: the bankers vs the people. June 2012 Part 4: After 2010:
Neoliberalism resurgent Hugo Radice – A turning point from neoliberalism? June 2012 Paul Hampton and Martin Thomas – The world of neoliberalism. October 2013 Barry Finger – An alternative view on the world of neoliberalism. January 2014 Andrew Gamble - The resilience of neoliberalism. June 2016 Part 5: After 2015:
Chaotic regulation Michel Husson - The coming crisis. October 2015 Fred Moseley - "Too much debt in relation to income". January 2016 Andrew Kliman - "The situation had long been unsustainable". January 2016 Dick Bryan - “We become a hedge fund of our own lives”. January 2016 Hugo Radice - “The globalisation of elites”. January 2016 Leo Panitch - “The great recession is not going away”. January 2016 Simon Mohun - "A protracted transition". June 2016 Alfredo Saad Filho - Brazil and neoliberalism. July-August 2016 Afterword Appendix 1: Marx on capitalist crises Appendix 2: Ruinous competition Appendix 3: The Tendency of the Rate of Profit to Fall Bibliography Index
Students, academics, and others interested in understanding the economic crisis; people with a new or renewed interest in Marxist or Marxist-influenced economic theory; and socialist activists.