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      THE ONGOING WORLD CRISIS AS ALREADY EXPLAINED BY CAPITAL IN 1868 AND IMPERIALISM IN 1917

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      World Review of Political Economy
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            Abstract

            In Marxian economics there are two ways of explaining the current world economic crisis: (1) the idea that the crisis was caused by the "failure of neo-liberalism"; (2) the view that explains this crisis as a matter of business cycle. However/view (2) does not explain why the crisis has become an incident of historical proportions, a so-called "once-in-a-century" event. On the other hand, view (1) cannot explain the crisis as the failure of capitalism itself. Differently from the above two explanations, this article explains that the current crisis is the result of the advanced countries (particularly the US), which have come to be faced with zero growth, tending to avoid difficult changes and instead opting for easy solutions for better utilizing nonproductive sectors.

            Content

            Author and article information

            Journal
            worlrevipoliecon
            10.2307/j50005553
            World Review of Political Economy
            Pluto Journals
            2042891X
            1 April 2011
            : 2
            : 1
            : 26-34
            Article
            10.2307/41931915
            cf4e5037-ed44-4c91-aaac-0d90ff6c0039
            © WORLD ASSOCIATION FOR POLITICAL ECONOMY 2011

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            History

            Political economics

            Notes

            1. Chapter 7 of Onishi (2003)

            2. Onishi (1994, 1998).

            3. Onishi (2010) Onishi (1997), Chapter 1 of Onishi (1998).

            4. Yagi (2006)

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