Marx and Economic Crisis Theories: A Comparative Analysis In the Context of 2007 Global Financial Crisis

Authors : Ersan BOCUTOĞLU

Pages : 129-161

Doi:10.25295/fsecon.2019.s1.007

View : 16 | Download : 21

Publication Date : 2019-01-31

Article Type : Research Paper

Abstract :The aim of this article is to compare orthodox and heterodox economic crisis theories in the context of 2007 Global Financial Crisis with a special reference to Marx. There is almost a consensus that orthodox economic crisis theories are hardly relevant to explain 2007 Global Financial Crisis. Since the monopolization in economies, intensively in finance sector, hegemony of financial sector over real sector, manipulations in interest rates in financial sector controlled by the financial elite that is identified by Piketty are the issues that are foreseen by Marxists, Post Keynesians and Austrians, it is fair to state that these three heterodox economic crisis theories are of a theoretical and philosophical share in understanding and explaining 2007 Global Financial Crisis.
Keywords : 2007 Global Financial Crisis, Orthodox Economic Crisis Theories, Heterodox Economic Crisis Theories, Karl Marx