Contemporary Capitalism And Its Crises

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.

Renowned political economist Samir Amin, engaged in a unique lifelong effort both to narrate and affect the human condition on a global scale, brings his analysis up to the present—the world of 2013. The key events of our times—financial crisis, the emerging nations, globalization, financialization, political Islam, Euro–zone implosion—are related in a coherent, historically based, account. Changes in contemporary capitalism require an updating of definitions and analysis of social classes, class struggles, political parties, social movements and the ideological forms in which they express their modes of action in the transformation of societies. Amin meets this challenge and lays bare the reality of monopoly capitalism in its general, global form. Ultimately, Amin demonstrates that this system is not viable and that the implosion in progress is unavoidable. Whether humanity will rise to the challenge of building a more humane global order free of the contradictions of capital, however, is yet to be seen.

Contemporary Capitalism, Crisis, and the Politics of Fiction: Literature Beyond Fordism proposes a fresh approach to contemporary fictional engagements with the idea of crisis in capitalism and its various social and economic manifestations. The book investigates how late-twentieth and twenty-first-century Anglophone fiction has imagined, interpreted, and in most cases resisted, the collapse of the socio-economic structures built after the Second World War and their replacement with a presumably immaterial order of finance-led economic development. Through a series of detailed readings of the words of authors Martin Amis, Hari Kunzru, Don DeLillo, Zia Haider Rahman, John Lanchester, Paul Murray and Zadie Smith among others, this study sheds light on the embattled and decidedly unstable nature of contemporary capitalism.

This is an age of crisis: economic, political, environmental, and social. Yet the nature of contemporary crisis is often misunderstood. Crisis, rather than being accidental or episodic - as is too often assumed - has been a regular feature of state practice in the neoliberal austerity regimes of contemporary capitalism. In this timely work Jeff Shantz gives special attention to the particular manufactured crises associated with austerity regimes and conditions of precarity within contemporary capitalism, and how Crisis States differ from other forms of state practice.Crisis is a powerful weapon of states and capital in the pursuit of accumulation, exploitation, and control. Engaging insights from anarchism and autonomous Marxism, Shantz lays bare the real nature and character of crisis as political and social pursuits of state and capital under precarious capitalism.Attention is also given to social resistance under crisis state conditions. Contemporary capitalism renders the oppressed and exploited precarious at the same time as opportunities are opened to render the system itself precarious. Understanding Crisis States and precarious capitalism is crucial in considering prospects for resistance.

The social structure of accumulation (SSA) approach seeks to explain the long-term fortunes of capitalist economies in terms of the effect of political and economic institutions on growth rates. This book offers an ideal introduction to this powerful tool for understanding capitalist growth, analysing the social and economic differences between countries and the reasons for the successes and failures of institutional reform. The contributors cover a wide range of topics, including the theoretical basis of the SSA approach, the postwar financial system, Marxian and Keynesian theories of economic crisis, labour-management relations, race and gender issues, and the history of institutional innovation. Combining newly written essays with classic articles of the SSA school, the book examines the international economy and the economies of Japan, South Africa, and Puerto Rico, as well as the United States.

This book is about the most recent phase or stage of capitalist development: 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. The book brings together a group of scholars from different parts of the world looking at the impact of neoliberalism on societies. And, as such, it contributes as much to the critique and overcoming of this process as to its analysis. With its extensive coverage, both geographically and thematically, the book will be of interest for students of the social sciences, as well as for anyone making an effort to understand and change the world. (Series: Politics, Society, and Community in a Globalizing World - Vol. 15)