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Are Economic Crises Inherent To Capitalist Evolution?

Author

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  • Alexandru Pătruți

    (Bucharest University of Economic Studies)

Abstract

The Marxist thesis that capitalism is an inherently unstable system, which naturally generates crisis, is once more gaining momentum due to the slowdown in economic growth around the world. But instead of arguing theoretically about the mechanisms of economic fluctuations, we aim to show that the developed world (especially Western Europe and the US) are not even close to pure capitalist systems. By studying the evolution of government spending as percentage of GDP, one can show that in numerous countries which claim to be capitalist systems, the government allocates more resources than the market. Moreover, there seems to be no statistical data to suggest that there ever was a movement towards more market economy in the last decades in the US and Europe. If any systematic tendency occurred in these counties before the crisis of 2008-2009, it was toward more state intervention.

Suggested Citation

  • Alexandru Pătruți, 2017. "Are Economic Crises Inherent To Capitalist Evolution?," Review of Social and Economic Issues, Romanian-American University, vol. 1(4), pages 63-73, march.
    • Handle: RePEc:rau:rseijr:v:1:y:2017:i:4:p:63-73
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    File URL: http://www.rebe.rau.ro/RePEc/rau/rseijr/SP17/RSEI-SP17-A4.pdf
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    References listed on IDEAS

    as
    1. Ahiakpor, James C. W., 2009. "The Phillips Curve Analysis: An Illustration Of The Classical Forced-Saving Doctrine," Journal of the History of Economic Thought, Cambridge University Press, vol. 31(2), pages 143-160, June.
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