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The World Economic Crisis: A Marxist Analysis

3354 words - 13 pages

A financial crisis developed with an amazing speed starting from the late summer and early autumn of 2008 and it still affects the world today. This crisis has damaged many of the largest financial institutions firstly in the US and the whole world then followed, but the worst damage was that a large part of the world's financial system had almost collapse. A lot of researches tried to explain the reasons of the current global crises and try to figure out ways of changing or helping the system. This paper argues about explain the current global economic crises with new Marxists analysts and that the current crisis should be seen as a systemic crisis of capitalism because of bad structure. In order to reach the point of economic crisis there is a series of events going on where the prices goes up and as Marx mention there is ‘overproduction’. By 2009 North USA manage to bring stock market price almost back to normal, creating growing debts into other countries, such as Ukraine, Hungary and Greece, who had to loan major amounts from IMF to fend off bankruptcy. It has been noted from Marxists theorists that the current financial crisis, come together with a more general down turn in the global capitalist economy and has been shaped the worst economic crisis since the 1930s.
‘The crisis is an expression of the reassertion of the fundamental laws of the capitalist economy. Its source lies in the fact that the claims of capital have vastly outgrown the available mass of surplus value. Capital must seek to overcome the imbalance.’
The Marxists framework continues to be used by many analysts because it is one of the most completed and systematic theoretical critiques of capitalism which was ever created (Cohen J.B., 2008). Marxist analysts describe the relation between people and property, but also they recognize that productive labour is the source of all wealth in capitalist societies. Moreover they believe that human needs are been placed be market needs and that the most important thing is how capitalist can be profited by workers. They consider a capitalist society to be a society of oppositions and conflicts and criticize of the status quo and the existing structures of power. However, Marxists aim to create knowledge of the unfair capitalists system and the crises that are caused by the system (McGuire P. and McQuarie D., 1994). As Karl Marx had mention in the ‘communist manifesto’ there will come a point where bourgeois will lose control and will lead to crisis: “Modern bourgeois society with its relations of production, of exchange, and of property…is like the sorcerer who is no longer able to control the power of the nether world whom he has called up by his spells.”
Firstly, Marxists theory about crisis is that the cause of crisis is in internal mechanisms of the capitalist system which reflect the opposing character of the capitalist development. Furthermore, Marx mention about the rate of profit will fall due to the rise in the...

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