For Whom the Bell Tolls? Capital, Labor and the Global Financial Crisis
Bibliographic Data
| ID | 13043079 |
|---|---|
| Authors | James Petras (0000-0002-8171-6072, State University of New York), Henry Veltmeyer (0000-0003-4967-0585, Universidad Autónoma de Zacatecas "Francisco García Salinas", corresponding author) |
| Year | 2019 |
| Volume | 9 |
| Issue | 1 |
| Pages | 13-30 |
| Publication date | 2019-01-02 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | International Critical Thought (JOURNAL) |
| Journal identifiers | ISSN: 2159-8312 • E-ISSN: 2159-8312 |
| Publisher | Taylor & Francis (PUBLISHER • GB) |
| DOI | 10.1080/21598282.2019.1584845 |
| OpenAlex | W2924719957 |
| Language | EN |
| References cited | 10 |
With the onset of the so-called “global financial crisis” in 2008 the world capitalist system suffered a shock that shook its very foundations, threatening the functioning of key financial institutions and the economies at the center of the system. However, the crisis merely served to restructure the system, destroying capital in the process but also regenerating conditions for a new round of accumulation. Finance capital, the major force behind and the principal detonator of the financial meltdown and its repercussions, recovered from its losses, and the capitalist class in its financial core was strengthened by a bailout of the financial institutions with public funds. In short, the crisis has been used to the strategic advantage of capital in its class war against labor, to further the accumulation of capital and the consolidation of capitalist rule. The point is that the crisis, like all crises, is functional for the leading elements of the capitalist class, allowing them to profit from the crisis while passing on the costs to the working class—to convert a systemic crisis (of capital and the state) into a crisis for labor
Bailout · Capital (architecture · Capital accumulation · Economic system · Economics · Financial capital · Financial crisis · Financial system · Financialization · Human capital · Macroeconomics · Market economy · Restructuring · Economic Theory and Policy · Housing, Finance, and Neoliberalism · Political Economy and Marxism · Finance
Post-Neoliberalism in the Americas
The Aftermath of Financial Crises
Globalization in the 21st Century
Social Movements in Latin America
The Resurgence of Class Conflict in Western Europe since 1968
The Great Financial Crisis
Ecology and the Transition from Capitalism to Socialism
Post-neoliberalism in Latin America
Beyond the Global Capitalist Crisis
The Political Economy of Federalism
| Citation velocity | historical |
|---|---|
| Highly cited | No |