The Great Recession punctuates the long history of capitalism and is a necessary outcome of contemporary capitalism's great contradictions, both in its Anglo-Saxon configuration and European neo-mercantilism posture. To be properly understood it is vital to take into account the ongoing structural transformation of the crisis in its multiple dimensions. Through expert contributions, this book explores the integral role of finance, class and gender in analyzing the great recession, alongside offering plural theoretical interpretations of the crisis. The Great Recession and the Contradictions of Contemporary Capitalism presents a comprehensive insight into the global crisis, focusing on debt, asset inflation and financial fragility. Key areas such as global imbalances, monetary reform and the management of public finance are examined, and a unique investigation into the Italian experience of the crisis is offered. The book concludes with novel concepts on the gender dimension of the crisis and the analogies between a nuclear and financial chain reaction. Both the financial and real aspects of this modern phenomenon are addressed in this timely writing. Academics and students of economics, sociology and political science will benefit from the comprehensive and original perspective this book offers.
Contents: Introduction Bellofiore R. and Vertova G. 1. The Great Recession and the Contradictions of Contemporary Capitalism Bellofiore R. 2. The Crisis of the Early 21st Century: Marxian Perspective Dumenil G. and Levy D. 3. Marx, Keynes and Hayek and the Great Recession of 2008 Desai M. 4. Fictitious Capital in the Context of Global Over-accumulation and Changing International Economic Power Relationship Chesnais F. 5. Conventions and Disruptions Marazzi C. 6. Debt, Class and Asset Inflation Toporowski J. 7. Speculation, Financial Fragility and Stock-flow Consistency Michell J. 8. A Structural Monetary Reform to Reduce Global Imbalances: Keynes' Plan Revisited to Avert International Payment Deficits Rossi S. 9. The True Rules of a Good Management of Public Finance. An Implication of the Fatal Euro-zone Crisis. Parguez A. 10. Growth and Crisis in the Italian Economy Valli V. 11. What's Gender got to do with the Great Recession? The Italian Case. Vertova G. 12. Financial and Nuclear Meltdowns: the Fragility of Chain-reaction Critical Processes Vercelli A.