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The Present Crisis. A Trump for a Renewed Political Economy

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  • Robert Boyer

Abstract

The new classical macroeconomics and mathematical finance have both failed to anticipate the present crisis or explain why the present crisis is so severe. This is because they only considered pure market economies devoid of institutions and without concern for historical and structural transformations in contemporary economies. This opens the door to a political economy analysis of the transformations in socio-political alliances since the demise of the Fordist growth regime. The shift toward market-based financial systems, financial liberalization, and globalization, gave unprecedented power to international financiers and has led to the current economic and financial crisis. Controlling finance requires resolute action by public authorities and the pressure of citizen social movements. Financial re-regulation is closely related to the relative bargaining power of nation-states and international finance. International comparisons (e.g., North American and German capitalisms) suggest that this is a possible path.

Suggested Citation

  • Robert Boyer, 2013. "The Present Crisis. A Trump for a Renewed Political Economy," Review of Political Economy, Taylor & Francis Journals, vol. 25(1), pages 1-38, January.
    • Handle: RePEc:taf:revpoe:v:25:y:2013:i:1:p:1-38
    DOI: 10.1080/09538259.2013.736262
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    References listed on IDEAS

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    1. Donald MacKenzie, 2008. "An Engine, Not a Camera: How Financial Models Shape Markets," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262633671, April.
    2. Carmen M. Reinhart & Kenneth S. Rogoff, 2014. "This Time is Different: A Panoramic View of Eight Centuries of Financial Crises," Annals of Economics and Finance, Society for AEF, vol. 15(2), pages 215-268, November.
    3. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "Varieties of Crises and Their Dates," Introductory Chapters, in: This Time Is Different: Eight Centuries of Financial Folly, Princeton University Press.
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    Cited by:

    1. Hein, Eckhard & Dodig, Nina & Budyldina, Natalia, 2014. "Financial, economic and social systems: French Regulation School, Social Structures of Accumulation and Post-Keynesian approaches compared," IPE Working Papers 34/2014, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    2. Nina Dodig & Hansjorg Herr, 2015. "Theories of finance and financial crisis – Lessons for the Great Recession," Working papers wpaper126, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    3. Stavros A. DRAKOPOULOS, 2016. "Economic crisis, economic methodology and the scientific ideal of physics," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 10(1), pages 28-57, November.
    4. Kosta Josifidis & Alpar LosÌŒonc, 2014. "Some Thoughts on Power: International Context," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 61(5), pages 597-615, October.
    5. Todorova, Zdravka, 2014. "From Monetary Theory of Production to Culture-Nature Life Process:Feminist-Institutional Elaborations of Social Provisioning," MPRA Paper 54681, University Library of Munich, Germany.
    6. Young Soo Lee & Han Sung Kim & Seo Hwan Joo, 2020. "Financialization and Innovation Short-termism in OECD Countries," Review of Radical Political Economics, Union for Radical Political Economics, vol. 52(2), pages 259-286, June.
    7. Piero Bini, 2018. "Power and Economics in Italy: From the Social Conflicts of the 1970s to the Euro-Crisis," Palgrave Studies in the History of Economic Thought, in: Manuela Mosca (ed.), Power in Economic Thought, chapter 13, pages 349-381, Palgrave Macmillan.
    8. Kim, Junmo, 2018. "Are countries ready for the new meso revolution? Testing the waters for new industrial change in Korea," Technological Forecasting and Social Change, Elsevier, vol. 132(C), pages 34-39.

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