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THE ONGOING WORLD CRISIS AS ALREADY EXPLAINED BY CAPITAL IN 1868 AND IMPERIALISM IN 1917
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.
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Notes
Chapter 7 of Onishi (2003)
Onishi (1994, 1998).
Onishi (2010) Onishi (1997), Chapter 1 of Onishi (1998).
Yagi (2006)