The Financialization of Capital and the Crisis | Monthly Review
- ️Tue Apr 01 2008
DOI:
https://doi.org/10.14452/MR-059-11-2008-04_1Keywords:
Global Economic Crisis, Political EconomyAbstract
With the benefit of hindsight, few now doubt that the housing bubble that induced most of the recent growth of the U.S. economy was bound to burst or that a general financial crisis and a global economic slowdown were to be the unavoidable results. Warning signs were evident for years to all of those not taken in by the new financial alchemy of high-risk debt management, and not blinded, as was much of the corporate world, by huge speculative profits. This can be seen in a series of articles that appeared in this space: "The Household Debt Bubble" (May 2006), "The Explosion of Debt and Speculation" (November 2006), "Monopoly-Finance Capital" (December 2006), and "The Financializ-ation of Capitalism" (April 2007). In the last of these we wrote...This article can also be found at the Monthly Review website, where most recent articles are published in full.
Click here to purchase a PDF version of this article at the Monthly Review website.
Issue
Section
Review of the Month