The Financial and Economic Crisis of 2008: A Systemic Crisis of Neoliberal Capitalism

David M. Kotz
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David M. Kotz: Economics, University of Massachusetts Amherst, Amherst, MA 01003-9277, dmkotz@econs.umass.edu

Review of Radical Political Economics, 2009, vol. 41, issue 3, 305-317

Abstract: This paper presents a case that the financial and economic crisis that began in the United States in 2008 indicates the start of a systemic crisis of neoliberal capitalism. The same institutional features of neoliberal capitalism that promoted a series of long economic expansions over several decades also created long-run trends that have led to a systemic crisis. Major economic restructuring is likely to follow.

Keywords: neoliberalism; social structures of accumulation; crisis; asset bubble; financial fragility (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:sae:reorpe:v:41:y:2009:i:3:p:305-317

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