A Political Economy Of Contemporary Capitalism And Its Crisis

The recent financial meltdown and the resulting global recession have rekindled debates regarding the nature of contemporary capitalism. This book analyses the ongoing financialization of the economy as a development within capitalism, and explores the ways in which it has changed the organization of capitalist power. The authors offer an interpretation of the role of the financial sphere which displays a striking contrast to the majority of contemporary heterodox approaches. Their interpretation stresses the crucial role of financial derivatives in the contemporary organization of capitalist power relations, arguing that the process of financialization is in fact entirely unthinkable in the absence of derivatives. The book also uses Marx’s concepts and some of the arguments developed in the framework of the historic Marxist controversies on economic crises in order to gain an insight into the modern neoliberal form of capitalism and the recent financial crisis. Employing a series of international case studies, this book will be essential reading for all those with an interest in the financial crisis, and all those seeking to comprehend the workings of capitalism.

This volume analyses contemporary capitalism and its crises based on a theory of capitalist evolution known as the social structure of accumulation (SSA) theory. It applies this theory to explain the severe financial and economic crisis that broke out in 2008 and the kind of changes required to resolve it. The editors and contributors make available new work within this school of thought on such issues as the rise and persistence of the "neoliberal," or "free-market," form of capitalism since 1980 and the growing globalization and financialization of the world economy. The collection includes analyses of the U.S. economy as well as that of several parts of the developing world.

The present volume makes students and researchers familiar with contemporary issues in global political economy with a focus on the working of global capitalism in the last four to five decades. The volume covers a wide range of issues from conceptual questions to empirical investigation with the aim to promote a critical understanding of the major challenges posed by contemporary capitalism. It contains contributions of leading political economists from India and abroad. The volume will be a significant resource for developing a graduate course in global political economy. This book is co-published with Aakar Books, New Delhi. Taylor & Francis does not sell or distribute the print versions of this book in India, Pakistan, Nepal, Bhutan, Bangladesh and Sri Lanka.

This is a book about capitalism. To be more specific, it is about the most recent phase or stage of capitalist development, that is, neoliberal globalization. Neoliberalism, as much a political project as an economic one, is still pervasive, and it continues to provide the general framework for politics and political imagination across most of the globe. This volume brings together a group of valuable scholars from different parts of the world looking at the impact of neoliberalism on our societies. And, as such, it aspires to contribute as much to the critique and overcoming of this process as to its analysis. With its extensive coverage, both geographically and thematically, this book will be of interest for students of the social sciences as well as for anyone who makes an effort to understand and change the world in which she lives. Baris Karaagac is a lecturer in the Department of International Development Studies at Trent University, Canada.ò

The book provides a theoretically and historically informed analysis of the global economic crisis. It makes original contributions to theories of value, of crisis and of the state and uses these to develop a rich empirical study of the changing character of capitalism in the twentieth century and beyond. It defends, uses and develops Marxist theory while arguing particularly against jumping too quickly from abstract concepts to a concrete understanding of the crisis. Instead, it uses what Marx described in his notebooks as an ‘obvious’ analytical ordering to progress from a general analysis of economy and society to a discussion of recent economic transformations and the specifics of the crisis and its aftermath.Dunn argues that appropriately reconceived, a critical Marxism can incorporate and enrich rather than rejecting insights from other traditions. He disputes general characterisations of capitalism to the crisis and theories which see finance and the contemporary financial crises as largely detached from other aspects of the economy and society. Providing a thoroughly socialised and historically based account, this book will be vital reading for students and scholars of political economy, international political economy, Marxism, sociology, geography and development studies.

This volume covers the theoretical method, macroeconomics, microeconomics, international trade and finance, development, and policy of economic theory. It incorporates various alternative approaches as well as a broad spectrum of policy issues.

Anchored in contemporary debates on capitalism and political economy, this study reconsiders the major trends which are shaping a new stage of capitalism. It constructs a politico-economic approach on contemporary capitalism from within a classical Marxist framework of political economy.