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Great Recession, Financialization and Marxian Political Economy

Hasan Bakir and Görkem Bahti̇yar

Sosyoekonomi Journal, 2017, issue 25(33)

Abstract: Mainstream economic approaches, such as Keynesian and Neoclassical, agree one another in that the crises of capitalism should be handled within the capitalism. While Keynesians defend preemptive state intervention to avoid crises, neoclassical economics believe that the market will solve all problems without the need to resort to state action. After the Great Depression in 1930, Keynesian economics gained popularity, while neoclassical economics took over in the 1970s. Today, Keynesian economics became popular again in the aftermath of 2008 financial crisis. According to them, there is no alternative to the market system. Marxian explanation of 2008 financial crisis presents an alternative to the both. In this light, the aim of this study is to discuss the Marxian take on the 2008 global crisis, focusing on the phenomenon of financialization in this context.

Keywords: Crises; Great Recession; Economic Schools of Thought; Mainstream Economics; Marxian Political Economy. (search for similar items in EconPapers)
JEL-codes: A10 B22 G01 (search for similar items in EconPapers)
Date: 2017
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Handle: RePEc:sos:sosjrn:170312