295
views
0
recommends
+1 Recommend
1 collections
    0
    shares

      If you have found this article useful and you think it is important that researchers across the world have access, please consider donating, to ensure that this valuable collection remains Open Access.

      The World Review of Political Economy is published by Pluto Journals, an Open Access publisher. This means that everyone has free and unlimited access to the full-text of all articles from our international collection of social science journalsFurthermore Pluto Journals authors don’t pay article processing charges (APCs).

       

       

      scite_
       
      • Record: found
      • Abstract: found
      • Article: found
      Is Open Access

      THE CRISIS OF NEOLIBERALISM

      Published
      research-article
      World Review of Political Economy
      Pluto Journals
      Bookmark

            Abstract

            At the end of the first decade of the 21st century, the world entered into a major crisis, the fourth structural crisis in the history of modern capitalism. The crisis is not the effect of the declining trend of the profit rate as was the case in the previous structural crisis during the 1970s. Like the Great Depression, it was the consequence of the endeavor on the part of capitalist classes and their allies in the upper fractions of management to remove all national and international barriers limiting their quest for power and income. The crisis began in the United States and was caused by the convergence of two categories of mechanisms, the progress of globalization and financialization, on the one hand, and the macro trajectory of disequilibria of the US economy. It was exported to the rest of the world. The potential conflicts among the fractions of ruling classes open new opportunities for the struggle of popular classes. Given the weakness of class struggle in comparison to the interwar years, the emergence of a social order similar to the social-democratic order of the first postwar decades is, however, unlikely. The new social order that will follow the crisis might well be determined by the establishment of a new compromise among the various fractions of upper classes, capitalist classes and managerial classes. A "Center-Right" option would mean a new leadership of managerial classes, capable of implementing the reforms and enacting the strong policies required for the restoration of the economic situation and the slowing down of the decline of US hegemony. This decline and the corresponding emergence of a multipolar world open opportunities for the countries of the Periphery in search of an increased autonomy vis-à-vis the imperialist framework of neoliberal globalization.

            Content

            Author and article information

            Journal
            worlrevipoliecon
            10.2307/j50005553
            World Review of Political Economy
            Pluto Journals
            2042891X
            1 April 2011
            : 2
            : 1
            : 117-133
            Article
            10.2307/41931922
            4d36f53e-ef55-44e5-a909-86fbeb8034f7
            © WORLD ASSOCIATION FOR POLITICAL ECONOMY 2011

            All content is freely available without charge to users or their institutions. Users are allowed to read, download, copy, distribute, print, search, or link to the full texts of the articles in this journal without asking prior permission of the publisher or the author. Articles published in the journal are distributed under a http://creativecommons.org/licenses/by/4.0/.

            History
            Categories
            COMMUNICATIONS

            Political economics

            Notes

            1. Actuel Marx, #46, Second Semester of 2009.

            2. "La fin du néolibéralisme," Actuel Marx, #40, Second Semester 2006.

            Comments

            Comment on this article