Topic > The Global Economic Crisis: A Marxist Analysis - 2647

A financial crisis developed with astonishing speed starting in the late summer and early autumn of 2008 and still affects the world today. This crisis damaged many of the largest financial institutions, first in the United States and then around the world, but the worst damage was that much of the world's financial system nearly collapsed. Much research has tried to explain the reasons for the current global crises and to try to understand how to change or help the system. This article explains how to explain the current global economic crisis with new Marxist analysts and how the current crisis should be seen as a systemic crisis of capitalism due to bad structure. To reach the economic crisis point a series of events occur where prices rise and, as Marx mentions, there is "overproduction". In 2009 the Northern United States managed to bring the stock market price almost back to normal, creating growing debts towards other countries, such as Ukraine, Hungary and Greece, which had to borrow large sums from the IMF to avoid bankruptcy. Marxist theorists have noted that the current financial crisis, combined with a more general recession in the global capitalist economy, has shaped the worst economic crisis since the 1930s. The crisis is an expression of the reaffirmation of the fundamental laws of the capitalist economy. Its origin lies in the fact that the demands of capital have largely exceeded the available mass of surplus value. Capital must try to overcome the imbalance. The Marxist framework continues to be used by many analysts because it is one of the most comprehensive and systematic theoretical critiques of capitalism that has ever been created (Cohen JB, 2008). Marxist and......paper center......sity Press, Princeton University Press; Reprint edition• Mills CW, 1963, The Marxists, Penguin Books• Ravenhill J., 2008, Global Political Economy, Oxford University Press• West R., 2005, Marx's Labor Theory of Value: A Defense, iUniversity• Wallerstein MI , 2002, The capitalist world-economy: an essay, Maison des Sciences de l'Homme and Cambridge University Press• Austen-Smith D. Et al., 2008, Selected works of Michael Wallerstein: The Political Economy of Inequality, Unions and Social Democracy, University of Cambridge Press• Cohen BJ, 2008, International Political Economy: An Intellectual History, Princeton University Press• Mattick P., 1969, Marx and Keynes: the limits of the mixed economy, The Merlin Press Ltd• Thompson H., 2008, General Strike in Greece Amid Deepening Financial Crisis, http://www1.wsws.org/articles/2008/oct2008/gree-o23.shtml