"THE ONGOING WORLD CRISIS AS ALREADY EXPLAINED BY CAPITAL IN 1868 AND IMPERIALISM IN 1917"

Hiroshi Onishi

Research output: Contribution to journalArticle

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Abstract

"In Marxian economics there are two ways of explaining the current world economic
crisis: (1) the idea that the crisis was caused by the “failure of neo-liberalism”; (2) the view that
explains this crisis as a matter of business cycle. However, view (2) does not explain why the crisis
has become an incident of historical proportions, a so-called “once-in-a-century” event. On the
other hand, view (1) cannot explain the crisis as the failure of capitalism itself. Differently from the
above two explanations, this article explains that the current crisis is the result of the advanced
countries (particularly the US), which have come to be faced with zero growth, tending to avoid
difficult changes and instead opting for easy solutions for better utilizing nonproductive sectors."
Original languageEnglish
Pages (from-to)26-34
Number of pages9
JournalWorld Review of Political Economy
Volume2
Issue number1
Publication statusPublished - 2011
Externally publishedYes

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Imperialism
Incidents
Business cycles
Proportion
Neoliberalism
Capitalism
Marxian economics

Keywords

  • decay of capitalism
  • crisis
  • Marxist economics
  • zero growth
  • structural adjustment

Cite this

"THE ONGOING WORLD CRISIS AS ALREADY EXPLAINED BY CAPITAL IN 1868 AND IMPERIALISM IN 1917". / Onishi, Hiroshi.

In: World Review of Political Economy, Vol. 2, No. 1, 2011, p. 26-34.

Research output: Contribution to journalArticle

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abstract = "{"}In Marxian economics there are two ways of explaining the current world economiccrisis: (1) the idea that the crisis was caused by the “failure of neo-liberalism”; (2) the view thatexplains this crisis as a matter of business cycle. However, view (2) does not explain why the crisishas become an incident of historical proportions, a so-called “once-in-a-century” event. On theother hand, view (1) cannot explain the crisis as the failure of capitalism itself. Differently from theabove two explanations, this article explains that the current crisis is the result of the advancedcountries (particularly the US), which have come to be faced with zero growth, tending to avoiddifficult changes and instead opting for easy solutions for better utilizing nonproductive sectors.{"}",
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AB - "In Marxian economics there are two ways of explaining the current world economiccrisis: (1) the idea that the crisis was caused by the “failure of neo-liberalism”; (2) the view thatexplains this crisis as a matter of business cycle. However, view (2) does not explain why the crisishas become an incident of historical proportions, a so-called “once-in-a-century” event. On theother hand, view (1) cannot explain the crisis as the failure of capitalism itself. Differently from theabove two explanations, this article explains that the current crisis is the result of the advancedcountries (particularly the US), which have come to be faced with zero growth, tending to avoiddifficult changes and instead opting for easy solutions for better utilizing nonproductive sectors."

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