En el corazón del problema:la deuda de los hogares en la banca contemporánea y la crisis internacional

Paulo L. dos Santos
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Paulo L. dos Santos: School of Oriental and African Studies (SOAS)

EKONOMIAZ. Revista vasca de Economía, 2009, vol. 72, issue 03, 54-79

Abstract: This paper, drawing on Marxist political economy, conceptualizes the phenomenon of activities of banks as determinants of the current crisis. The main argument is the most significant aspect of recent changes in banking activities has been the turn towards individual wage income as a source of bank profits. This can be summarized in two ideas. 1) the conflict between households and financial firms that leads to an over-indebtedness of the former during a context of disadvantageous social relations for borrowers, and 2) the existence of theoretical reasons that argue that the economic recovery is difficult because the negative impact on the household consumption. Hence, it is argued that the recession will have an unprecedented length in the absence of a significant public intervention in the labour and financial markets.

Keywords: Marxist analysis; profits of debt; household indebtedness (search for similar items in EconPapers)
JEL-codes: E44 E52 (search for similar items in EconPapers)
Date: 2009
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