Unraveling the Roots of Fiscal Crises in Contemporary Capitalist Nations and Strategies for Overcoming Them

Bin Li

Review of Radical Political Economics, 2024, vol. 56, issue 4, 487-496

Abstract: Since the 1980s, fiscal crises have notably impacted capitalist nations, a situation that intensified during the COVID-19 pandemic. Although theories of capital accumulation and economic crises often serve to explain these events, this study advocates for a broader perspective by viewing fiscal crises as a primary manifestation of the contradiction between socialized production and capitalist private ownership. This study examines the evolution of this contradiction through various stages of capitalism and highlights the potential pitfalls of common strategies adopted by capitalist nations, such as neoliberal policies that cut social welfare and public spending. The study then shifts its focus to China, exploring its unique dual fiscal system, which supports China’s rapid economic growth, offering a novel perspective on addressing the global fiscal crisis. JEL Classification : P16, F63, E62

Keywords: fiscal crisis; socialization of production; dual fiscal system (search for similar items in EconPapers)
Date: 2024
References: Add references at CitEc
Citations:

Downloads: (external link)
https://journals.sagepub.com/doi/10.1177/04866134241257652 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:sae:reorpe:v:56:y:2024:i:4:p:487-496

DOI: 10.1177/04866134241257652

Access Statistics for this article

More articles in Review of Radical Political Economics from Union for Radical Political Economics
Bibliographic data for series maintained by SAGE Publications ().