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Subject
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financial crisis 2 Brady bonds 1 Economic crisis 1 Economic liberalism 1 Financial crisis 1 Finanzkrise 1 Institutional economics 1 Institutionenökonomik 1 John R. Commons 1 Marx The essay argues that a crisis of collective agency is at the root of the global economic crisis we face today. The secret of prosperous capitalism 1 Securitization 1 Subprime financial crisis 1 Subprime-Krise 1 Verbriefung 1 Wirtschaftskrise 1 Wirtschaftsliberalismus 1 based on profits and the other on human welfare can become deeply divergent. The failure of collective agency ties together the two points. What is profitable at the micro level ends up being at variance with human welfare as well as the long term collective interest of capitalists 1 because coordination failure is not only endemic but a defining characteristic of capitalist competition 1 collective action club goods 1 commonwealth 1 generating long term collective costs that go increasingly unaddressed. This is reminiscent of classical capitalism’s main weakness with respect to organizing corrective collective action 1 making a couple of Marx’s point resonate today. One is his view of competition as a war like process and how that militates against coordination (not to mention cooperation) among individual capitalists. The second point is the very basis of Marx’s main gripe with capitalism: the two different ways for accounting for economic performance 1 neoliberal era 1 one 1 securitization 1 subprime and foreclosure crisis 1 the so-called golden age 1 was the ability of the state to uniformly impose welfare enhancing market restrictions that made it possible to husband and invest in common pool resources. This ability has waned during the neoliberal era and the result has been a resurgence of forces of competition 1 welfare state 1 what Marx called the law of value 1
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Online availability
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Free 1
Type of publication
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Article 1 Book / Working Paper 1
Type of publication (narrower categories)
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Article in journal 1 Aufsatz in Zeitschrift 1
Language
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English 1 Undetermined 1
Author
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Chiong, Melody 1 Dymski, Gary Arthur 1 Erturk, Korkut 1 Hernandez, Jesus 1
Institution
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Department of Economics, University of Utah 1
Published in...
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Journal of economic issues : jei 1 Working Paper Series, Department of Economics, University of Utah 1
Source
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ECONIS (ZBW) 1 RePEc 1
Showing 1 - 2 of 2
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An Essay on the Crisis of Capitalism - a la Marx?
Erturk, Korkut - Department of Economics, University of Utah - 2012
Persistent link: https://www.econbiz.de/10010596326
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Contracting the commonwealth : John R. Commons and neoliberal financial crises
Chiong, Melody; Dymski, Gary Arthur; Hernandez, Jesus - In: Journal of economic issues : jei 48 (2014) 4, pp. 927-947
Persistent link: https://www.econbiz.de/10010483727
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