Elements of Novelty, Known Mechanisms, and the Fundamental Causes of the Recent Crisis

Alberto Russo

Journal of Economic Issues, 2014, vol. 48, issue 3, 743-764

Abstract: This article briefly describes the evolution of the recent economic crisis based on different theories toward my own interpretation of it. The deregulation wave of the last decades has created new profit opportunities in various contexts — from labor flexibility to privatization and from financialization to globalization — so promoting a renewed process of capitalist accumulation after the stagflation of the 1970s. This has taken place at the cost of a wide-ranging increase in inequality and instability, thus bringing a cascade of crises, including the latest one of 2008.

Date: 2014
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Working Paper: Elements of novelty, known mechanisms, and the fundamental causes of the recent crisis (2012)
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DOI: 10.2753/JEI0021-3624480308

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