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

Author

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  • David M. Kotz

    (Economics, University of Massachusetts Amherst, Amherst, MA 01003-9277, dmkotz@econs.umass.edu)

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.

Suggested Citation

  • David M. Kotz, 2009. "The Financial and Economic Crisis of 2008: A Systemic Crisis of Neoliberal Capitalism," Review of Radical Political Economics, Union for Radical Political Economics, vol. 41(3), pages 305-317, September.
    • Handle: RePEc:sae:reorpe:v:41:y:2009:i:3:p:305-317
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    Cited by:

    1. Elena Rodriguez-Alvarez & Luisa N. Borrell & Yolanda González-Rábago & Unai Martín & Nerea Lanborena, 2016. "Induced abortion in a Southern European region: examining inequalities between native and immigrant women," International Journal of Public Health, Springer;Swiss School of Public Health (SSPH+), vol. 61(7), pages 829-836, September.
    2. Deepankar Basu & Ying Chen & Jong-seok Oh, 2013. "Class struggle and economic fluctuations: VAR analysis of the post-war US economy," International Review of Applied Economics, Taylor & Francis Journals, vol. 27(5), pages 575-596, September.
    3. Thomas Goda, 2013. "The role of income inequality in crisis theories and in the subprime crisis," Working Papers PKWP1305, Post Keynesian Economics Society (PKES).
    4. Pühringer, Stephan, 2016. "Still the queens of social sciences? (Post-)Crisis power balances of "public economists" in Germany," Working Paper Serie des Instituts für Ökonomie Ök-22, Hochschule für Gesellschaftsgestaltung (HfGG), Institut für Ökonomie.
    5. Dünhaupt, Petra, 2016. "Financialization and the crises of capitalism," IPE Working Papers 67/2016, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    6. David M. Kotz, 2013. "Social structures of accumulation, the rate of profit and economic crises," Chapters, in: Jeannette Wicks-Lim & Robert Pollin (ed.), Capitalism on Trial, chapter 23, Edward Elgar Publishing.
    7. Concepción Foronda-Robles & Luis Galindo-Pérez-de-Azpillaga, 2016. "From initial dissemination to consolidated impact: the concept of crisis in the field of tourism," Scientometrics, Springer;Akadémiai Kiadó, vol. 109(1), pages 261-281, October.
    8. Dao Thi-Thieu Ha & Nga Thi Hoang, 2020. "Exchange Rate Regime and Economic Growth in Asia: Convergence or Divergence," JRFM, MDPI, vol. 13(1), pages 1-15, January.
    9. Long, Michael A. & Lynch, Michael J. & Stretesky, Paul B., 2018. "The Great Recession, the Treadmill of Production and Ecological Disorganization: Did the Recession Decrease Toxic Releases Across US States, 2005–2014?," Ecological Economics, Elsevier, vol. 146(C), pages 184-192.
    10. Klitgaard, Kent A. & Krall, Lisi, 2012. "Ecological economics, degrowth, and institutional change," Ecological Economics, Elsevier, vol. 84(C), pages 247-253.
    11. Ernest Aigner & Florentin Gloetzl & Matthias Aistleitner & Jakob Kapeller, 2018. "The focus of academic economics: before and after the crisis," ICAE Working Papers 75, Johannes Kepler University, Institute for Comprehensive Analysis of the Economy.
    12. Fabien Tarrit, 2009. "The explosion of the current world crisis: an illustration of the instability of capitalism. A Marxist view," Working Papers hal-02020890, HAL.
    13. Paredes, Dusan & Loveridge, Scott, 2018. "Rural electric cooperatives and economic development," Energy Policy, Elsevier, vol. 117(C), pages 49-57.
    14. Pérez López, Gemma & Plata Díaz, Ana María & Zafra Gómez, José L. & López Hernández, Antonio M., 2013. "Deuda viva municipal en un contexto de crisis económica: análisis de los factores determinantes y de las formas de gestión," Revista de Contabilidad - Spanish Accounting Review, Elsevier, vol. 16(2), pages 83-93.
    15. Adem Y. Elveren & Sara Hsu, 2016. "Military Expenditures and Profit Rates: Evidence from OECD Countries," Metroeconomica, Wiley Blackwell, vol. 67(3), pages 551-577, July.
    16. Gérard Duménil & Dominique Lévy, 2014. "The crisis of the early 21st Century: Marxian perspectives," Chapters, in: Riccardo Bellofiore & Giovanna Vertova (ed.), The Great Recession and the Contradictions of Contemporary Capitalism, chapter 2, pages 26-49, Edward Elgar Publishing.
    17. Hein, Eckhard, 2018. "Inequality and growth: Marxian and post-Keynesian/Kaleckian perspectives on distribution and growth regimes before and after the Great Recession," IPE Working Papers 96/2018, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    18. Tomás Gutiérrez-Barbarrusa, 2019. "The interpretation of the cyclical history of capitalism. A comparison between the neo-Schumpeterian and social structure of accumulation (SSA) approaches in light of the long wave theory," Journal of Evolutionary Economics, Springer, vol. 29(4), pages 1285-1314, September.
    19. Thomas Goda, 2017. "A comparative review of the role of income inequality in economic crisis theories and its contribution to the financial crisis of 2007-2009," Revista Finanzas y Politica Economica, Universidad Católica de Colombia, vol. 9(1), pages 151-174, February.
    20. Jorge Garcia-Arias & Eduardo Fernandez-Huerga & Ana Salvador, 2013. "European Periphery Crises, International Financial Markets, and Democracy," American Journal of Economics and Sociology, Wiley Blackwell, vol. 72(4), pages 826-850, October.
    21. Guven, Baris, 2017. "Marxist Explanations for Financialization: A Critical Review," SocArXiv hd6pc, Center for Open Science.

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