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- Title
Credit Crunch: Origins and Orientation.
- Authors
COCKSHOTT, PAUL; ZACHARIAH, DAVE
- Abstract
The article discusses the global economic crisis of the late 2000s, arguing that one of its key causes is rapid growth of the financial sector, and that developed countries will not be able to return to the preceding era of extensive capital accumulation. Theories from classical political economy are presented, including mathematical models of profitability and trade surplus and deficit, as well as analysis of the economic implications of modern finance. Also discussed is the progress of capitalism over the 20th century, with a focus on the second half of the 20th century and the rise of neoliberalism.
- Subjects
HISTORY of capitalism; NEOLIBERALISM; FINANCIAL services industry &; economics; MATHEMATICAL models of economics; GLOBAL Financial Crisis, 2008-2009; MARXIAN economics; ECONOMIC history -- 1945-; TWENTIETH century
- Publication
Science & Society, 2010, Vol 74, Issue 3, p343
- ISSN
0036-8237
- Publication type
Article
- DOI
10.1521/siso.2010.74.3.343