Economy, Society, and Hegemony

The health emergency that broke out in 2020 is a landmark event in the development of capitalism, confirming the underlying change signalled by the Great Crisis of 2007-9. The pandemic has catapulted the state to the centre of economic activity. However, a historic impasse is steadily becoming apparent at the core of the world economy

Productive accumulation is flaccid, as both profitability and labour productivity are weak. Financialisation has entered a new phase, as “shadow banking” grew relative to other banks but is entirely dependent on the state. The power of the state derives from command over fiat money and can certainly deliver enormous boosts to aggregate demand, but that is not enough to tackle the weakness of the productive sector.

Herausgeber ‏ : ‎ Verso (29. August 2023)
Sprache ‏ : ‎ Englisch
Taschenbuch ‏ : ‎ 384 Seiten

Hg.: Costas Lapavitsas is Professor of Economics at the School of Oriental and African Studies and convenor at European Research Network on Social and Economic Policy, and the author of Profiting Without Producing.