What caused the Great Recession? In an article called Clarifying the crisis in Jacobin
the Canadian political economist Sam Gindin explained it as ‘primarily financial crisis’. I commented on this view of Gindin when reviewing his new book co-authored with Leo Panitch in a previous post (http://thenextrecession.wordpress.com/2013/11/12/the-informal-empire-finance-and-the-mono-cause-of-the-anglo-saxons/).
As Panitch and Gindin put it in their award-winning book, The making of global capitalism: the political economy of the American Empire (http://www.versobooks.com/books/1527-the-making-of-global-capitalism): “Going back to the theories of imperialism a century earlier, that overaccumulation is the source of all capitalist crises, the crisis that erupted in 2007 was not caused by a profit squeeze or collapse in investment due to overaccumulation. In the US in particular, profits and investment has recovered since the early 1980s… Indeed investment was growing significantly in the two years before the onset of the crisis, profits were at a peak and capacity utilisation in…
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