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

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  • Bin Li

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

Suggested Citation

  • Bin Li, 2024. "Unraveling the Roots of Fiscal Crises in Contemporary Capitalist Nations and Strategies for Overcoming Them," Review of Radical Political Economics, Union for Radical Political Economics, vol. 56(4), pages 487-496, December.
    • Handle: RePEc:sae:reorpe:v:56:y:2024:i:4:p:487-496
    DOI: 10.1177/04866134241257652
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    Keywords

    fiscal crisis; socialization of production; dual fiscal system;
    All these keywords.

    JEL classification:

    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State
    • F63 - International Economics - - Economic Impacts of Globalization - - - Economic Development
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory

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