![]() ![]() Global Slump offers an original account of the “financialization” of the world economy during this period, and explores the intricate connections between international financial markets and new forms of debt and dispossession, particularly in the Global South.Īnalyzing the massive intervention of the world’s central banks to stave off another Great Depression, Global Slump shows that, while averting a complete meltdown, this intervention also laid the basis for recurring crises for poor and working class people: job loss, increased poverty and inequality, and deep cuts to social programs. ![]() Through this lens, it highlights the emergence of new patterns of world inequality and new centers of accumulation, particularly in East Asia, and the profound economic instabilities these produced. ![]() The book locates the recent meltdown in the intense economic restructuring that marked the recessions of the mid-1970s and early 1980s. In developing an account of the crisis as rooted in fundamental features of capitalism, Global Slump challenges the view that its source lies in financial deregulation. It argues that-far from having ended-the crisis has ushered in a whole period of worldwide economic and political turbulence. Global Slump analyzes the global financial meltdown as the first systemic crisis of the neoliberal stage of capitalism. ![]()
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