Crises of Global Economy and the Future of Capitalism: Reviving Marxian crisis theory

Recent Events In The Global Financial Markets And Macro Economies Have Served As A Strong Reminder For A Need Of A Coherent Theory Of Capitalist Crisis And Analysis. This Book Helps To Fill The Gap With Well-grounded Alternative Articulations Of The Forces Which Move Today's Economic Dynamics, How They Interact And How Ideas Of Foundational Figures In Economic Theory Can Be Used To Make Sense Of The Current Predicament. The Book Presents A Comprehensive Collection Of Reflections On The Origins, Dynamics And Implications Of The Interlinked Crises Of The U.s. And Global Economies. The Book Is A Thoughtful Collaboration Between Japanese Heterodox Economists Of The Japan Society Of Political Economy (jspe) And Non-japanese Scholars. It Provides A Unique Immersion In Different, Sophisticated Approaches To Political Economy And To The Crisis. The Book Illustrates With The Understanding Of Marx's Crisis Theory And How It Can Serve As A Powerful Framework For Analyzing The Contemporary Sub-prime World Crisis. The Book Explains The Subprime Loan Crisis As A Crisis In A Specific Phase Of The Capitalist World System And Concludes That It Is A Structural One Which Destroys The Existing Capital Accumulation Regime. It Pays Attention To Structural Changes And To How These Changes Beget Profound And Controversial Consequences. The Result Is A Must-read - One Which Truly Contributes To The Resurgence Of Radical Analyses Of The Political Economy, Free From The Market Optimism Of The Main-stream Economics. Crises of Global Economies and the Future of Capitalism Reviving Marxian crisis theory ......Page 10 Copyright......Page 11 Contents......Page 12 List of figures......Page 15 List of tables......Page 18 Notes on contributors......Page 19 Preface......Page 23 Introduction......Page 24 Part I Mechanisms of the 2008 crisis and their consequences......Page 32 1 From the subprime to the great earthquake crisis in Japan......Page 34 2 The global financial crisis: the instability of U.S.-centered global capitalism......Page 49 3 Financialization and capitalist accumulation: a structural account of the crisis of 2007-09......Page 78 4 The global financial crisis as a world great depression: an analysis using Marxian economics......Page 98 5 The demise of the Keynesian regime, financial crisis, and Marx’s theory......Page 114 6 The 2008 economic crisis from the perspective of changes in prices movements......Page 131 Part II Regimes of capitalism......Page 148 7 Cyclical crisis, structural crisis, systemic crisis, and future of capitalism......Page 150 8 Financial innovations, growth and crisis: the subprime collapse in perspective......Page 174 9 The crisis of 2008 and the dynamics of capitalism in time and space......Page 197 10 Neoliberalism and its crisis......Page 214 11 Fiat money and how to combat debt deflation......Page 231 Part III Global reconfiguration of capitalism......Page 250 12 Can the U.S. economy escape the law of gravity? A Minsky-Kalecki approach to the crisis of neoliberalism......Page 252 13 The political economy of global imbalances and the global financial crisis......Page 277 14 East Asia’s integration and structural shift: the shift from newly industrializing economies to potentially bigger market economies under the global economy......Page 295 15 Financialization, structural change, and employment in the U.S. and Japan......Page 311 16 Overconsumption, household debt, and dollar-privilege: the causes of the U.S. subprime crisis......Page 328 Index......Page 343 Crises of Global Economies and the Future of Capitalism Reviving Marxian crisis theory 10 Copyright 11 Contents 12 List of figures 15 List of tables 18 Notes on contributors 19 Preface 23 Introduction 24 Part I Mechanisms of the 2008 crisis and their consequences 32 1 From the subprime to the great earthquake crisis in Japan 34 2 The global financial crisis: the instability of U.S.-centered global capitalism 49 3 Financialization and capitalist accumulation: a structural account of the crisis of 2007-09 78 4 The global financial crisis as a world great depression: an analysis using Marxian economics 98 5 The demise of the Keynesian regime, financial crisis, and Marx鈥檚 theory 114 6 The 2008 economic crisis from the perspective of changes in prices movements 131 Part II Regimes of capitalism 148 7 Cyclical crisis, structural crisis, systemic crisis, and future of capitalism 150 8 Financial innovations, growth and crisis: the subprime collapse in perspective 174 9 The crisis of 2008 and the dynamics of capitalism in time and space 197 10 Neoliberalism and its crisis 214 11 Fiat money and how to combat debt deflation 231 Part III Global reconfiguration of capitalism 250 12 Can the U.S. economy escape the law of gravity? A Minsky-Kalecki approach to the crisis of neoliberalism 252 13 The political economy of global imbalances and the global financial crisis 277 14 East Asia鈥檚 integration and structural shift: the shift from newly industrializing economies to potentially bigger market economies under the global economy 295 15 Financialization, structural change, and employment in the U.S. and Japan 311 16 Overconsumption, household debt, and dollar-privilege: the causes of the U.S. subprime crisis 328 Index 343 Introduction / Nobuharu Yokokawa and Gary Dymski From the subprime to the great earthquake crisis in Japan / Makotoh Itoh The global financial crisis : the instability of U.S.-centered global capitalism / Tetsuji Kawamura Financialization and capitalist accumulation : a structural account of the crisis of 2007-2009 / Costas Lapavitsas The global financial crisis as a world great depression : an analysis using Marxian economics / Masayoshi Tatebe The demise of the Keynesian regime, financial crisis, and Marx's theory / Shinjiro Hagiwara The 2008 economic crisis from the perspective of changes in prices movements / Akira Matsumoto Cyclical crisis, structural crisis, systemic crisis, and future of capitalism / Nobuharu Yokokawa Financial innovations, growth and crisis : the subprime collapse in perspective / Robert Boyer The crisis of 2008 and the dynamics of capitalism in time and space / Toshio Yamada Neoliberalism and its crisis / Gerard Dumenil and Dominique Levy Fiat money and how to combat debt deflation / Thomas Sekine Can the us economy escape the law of gravity? : a Minsky-Kalecki approach to the crisis of neoliberalism / Gary A. Dymski The political economy of global imbalances and the global financial crisis / Kang-Kook Lee East Asia's integration and structural shift :the shift from newly industrializing economies to potentially bigger market economies under the global economy / Hitoshi Hirakawa Financialization, structural change, and employment in the U.S. and Japan / James Heintz Overconsumption, household debt, and dollar-privilege : the causes of the US subprime crisis / Aki Aneha.