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The Global Crisis: Mother of All Warnings

In: Capital and the Debt Trap

Author

Listed:
  • Claudia Sanchez Bajo
  • Bruno Roelants

Abstract

For a long time, the world was perceived as a space where there was still plenty to be conquered and where one could expand. In such a process, capitalism and debt practices went hand in hand. But times have changed. Globalization has brought about a new contradiction: ‘too big to fail’ firms that intend to continue enlarging their business scales, and a tightly interlinked financial and economic system. In this new circular context, the generalized use of debt is no longer sustainable. Due to its interconnectedness, it can lead to systemic implosion, just as the fast depletion of the world’s natural resources is bound to bring about ecological disaster. It is no coincidence that the word ‘toxic’ has so often been used in relation to this crisis. It is not only the environment of the planet, but also the present global financial-economic system which is getting increasingly out of balance.

Suggested Citation

  • Claudia Sanchez Bajo & Bruno Roelants, 2011. "The Global Crisis: Mother of All Warnings," Palgrave Macmillan Books, in: Capital and the Debt Trap, chapter 9, pages 212-223, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-30852-7_10
    DOI: 10.1057/9780230308527_10
    as

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