The Present Crisis. A Trump for a Renewed Political Economy
Abstract
The new classical macroeconomics and mathematical finance have both failed to anticipate the present crisis or explain why the present crisis is so severe. This is because they only considered pure market economies devoid of institutions and without concern for historical and structural transformations in contemporary economies. This opens the door to a political economy analysis of the transformations in socio-political alliances since the demise of the Fordist growth regime. The shift toward market-based financial systems, financial liberalization, and globalization, gave unprecedented power to international financiers and has led to the current economic and financial crisis. Controlling finance requires resolute action by public authorities and the pressure of citizen social movements. Financial re-regulation is closely related to the relative bargaining power of nation-states and international finance. International comparisons (e.g., North American and German capitalisms) suggest that this is a possible path.
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The financial crisis has not just been a financial crisis but a systemic crisis created by the internal dynamics of the structure of contemporary capitalism.
“As Marxists, regulation theorists and other political economists have continued to argue, the financial crisis has not just been a financial crisis but a systemic crisis created by the internal dynamics of the structure of contemporary capitalism (see e.g. Boyer 2013; but note Pivetti 2015).”
From Species Being in the Twenty-First Century (2018) · cites this paper as Boyer 2013
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- Authors
- Boyer, R.
- Corresponding author
- Boyer, Robert
- ORCID
- Boyer, Robert
- Venue
- Review of Political Economy
- Publisher
- Informa UK Limited
- Published
- 2013-01
- Volume
- 25
- Issue
- 1
- Pages
- 1-38
- ISSN
- 0953-8259 (ISSN-L)
- 1465-3982
- OpenAlex
- W2082104421
- Cited by
- 50
- References
- 64
- Citations by year
- 2025: 3 · 2023: 2 · 2022: 4 · 2021: 4 · 2020: 3 · 2019: 2 · 2018: 5 · 2017: 8 · 2016: 6 · 2015: 6 · 2014: 5 · 2013: 2
- FWCI
- 6.89
- Type
- journal article
- Language
- en
- Open access
- closed
- Locations
- Review of Political Economy (publishedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- Topics
- Social Sciences › Economics, Econometrics and Finance › Finance › Housing, Finance, and Neoliberalism
- Social Sciences › Sociology and Political Science › Political Economy and Marxism
- Social Sciences › Economics, Econometrics and Finance › General Economics, Econometrics and Finance › Economic Theory and Policy
- Keywords
- financial crisis, political economy, Fordism, financial liberalization, globalization, financialization, financial regulation, new classical economics, financial mathematics, market economy, international finance, social movements, German capitalism
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