Contents:
PART I INTRODUCTION
1. The Crisis in Context
Turan Subasat
2. Roots of the Current Economic Crisis: Capitalism, Forms of
Capitalism, Policies, and Contingent Events
David M. Kotz
PART II CRISIS AND PROFITABILITY
3. Crisis Theory and the Falling Rate of Profit
David Harvey
4. Monocausality and Crisis Theory – A Reply to David Harvey
Michael Roberts
5. Booms, Depressions, and the Rate of Profit: A Pluralist,
Inductive Guide
Alan Freeman
PART III THE CRISIS IN ECONOMIC AND SOCIAL REPRODUCTION
6. A Global Approach to the Global Financial Crisis
John Weeks
7. The Incubator of the Great Meltdown of 2008: The Structure and
Practices of US Neoliberalism as Attacks on Labor
Al Campbell and Erdogan Bakir
8. The Value of History and the History of Value
Radhika Desai
9. The Systemic Failings in Framing Neo-Liberal Social Policy
Ben Fine
10. The Policy-Based and Conjunctural Causes of the 2008 Crisis
Turan Subasat
11. The Systemic Causes of the 2008 Crisis – An Alternative
Theoretical Perspective
Turan Subasat
PART IV CRISIS AND FINANCE
12. Inequality, Money Markets and Crisis
Simon Mohun
13. The Crisis of Finance and the Crisis of Accumulation: It Was
Not a ‘Lehman Brothers Moment’
Jan Toporowski
14. Contradictions of Capital Accumulation in the Age of
Financialization
Özgür Orhangazi
15. Which Crisis, of Which Capitalism? A Marxian and Financial
Keynesian Interpretation of Neoliberalism and the Great
Recession
Riccardo Bellofiore
16. The Contested Nature of Financialization in Emerging Capitalist
Economies
Annina Kaltenbrunner and Elif Karacimen.
PART V THE CRISIS UNFOLDS
17. The Greek Crisis: Structural or Conjunctural?
Stavros D. Mavroudeas
18. Greece, Global Fault-lines and the Disintegrative Logics of
Germany's Primacy in Europe.
Vassilis K. Fouskas
19. Conclusions
John Weeks
Index
Edited by Turan Subasat, Department of Economics, Mugla Sitki Kocman University, Turkey
'What caused the 2007-09 global financial crisis and Great
Recession? Why was the ''recovery'' from this crisis period anemic
or, in many countries, such as Greece, non-existent? Orthodox
economists have almost completely drawn a blank in providing useful
answers. By contrast, The Great Financial Meltdown provides a rich
array of alternative-and frequently conflicting-perspectives from
the Marxian, Post Keynesian and related heterodox traditions. All
serious students of real-world economics will have their minds
opened by studying this impressive collection.'
--Robert Pollin, University of Massachusetts-Amherst'This book
offers fresh insights across the ultimate causes and the long-term
implications of the current crisis. It also critically examines the
policy alternatives currently on the table, advancing constructive
forms of engagement both among the heterodoxy, and with mainstream
economics. There is simply no better starting-point to understand
the ongoing predicament of advanced as well as ''emerging''
economies.'
--Alfredo Saad-Filho, SOAS, University of London, UK
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