CCS
CCS Events
CCS Libraries
About CCS
CCS Projects
BRICS
CCS Highlights


Publication Details

Reference
Bond, Patrick (2008) The US financial meltdown: Part 1: What really happened Roots of the economic crisis in overaccumulation, financialisation and ‘global apartheid; geopolitcs.  : 1-33.

Summary
This is the first of three papers presented at the UKZN Centre for Civil Society, about the US financial crisis (3 October), implications for South Africa (24 October), and social resistance there and here (31 October). A version was presented to a conference on the Political Economy of Monetary Policy and Financial Regulation, in honor of Jane D’Arista, at the University of Massachusetts Political Economy Research Institute (PERI), University of Massachusetts, Amherst, 2 May 2008


Abstract
The global economy’s vast financial sector expansion – in the context of productive sector stagnation tendencies - has increased the leading powerbrokers’ capacity to devalue large parts of the Third World (including major emerging market sites), as well as to write down selected financially volatile and vulnerable markets in the North (e.g. dot.com and real estate bubbles). In contrast to the 1930s, this set of partial write-downs of overaccumulated financial capital has not yet created such generalized panic and crisis contagion as to threaten the entire system’s integrity. Shifting and stalling the necessary devalorization of overaccumulated capital, particularly as it bubbles up via financial sectors into speculative markets, entailed spatial and temporal fixes. In addition, extra-economic coercion has intensified, including gendered and environmental stresses. The result is a world economy that concentrates wealth and poverty in more extreme ways, geographically, and brings markets and the non-market spheres of society and nature together in a manner adverse to the latter. Reform of the system is long overdue, and the post-Keynesian political economist Jane D’Arista’s ideas for revitalized multilateral financial institutions, following Keynes’ International Clearing Union proposal, are worth revisiting. However, the context remains one of top-down inability to reform: severe bias in multilateral financial and development agencies amounting to a neoliberal-neoconservative fusion. Moreover, there is constrained space and political will at national level in most states. These factors compel us to consider – in a future paper - the exercise of social power from below, against the worst depredations of oppression, which are often experienced through the financial circuit of capital.

Read Publication 
 cast your net a little wider...
 Radical Philosophy 
 AFRICAN ENVIROMENTAL JUSTICE DOCUMENTARY FILMS 
 African Studies Association (USA)  
 New Dawn Engineering 
 Wikipedia 
 Indymedia Radio 
 Southern Africa Report online 
 Online Anti Apartheid Periodicals, 1960 - 1994 
 Autonomy & Solidarity 
 New Formulation 
 We Write 
 International Journal of Socialist Renewal 
 Theoria 
 Journal of African Philosophy 
 British Library for Development Studies 
 The Nordic Africa Institute Online Library 
 Political Economy Research Institute Bulletin (PERI) 
 Feminist Africa 
 Jacques Depelchin's Tribute to Harold Wolpe 
 Chimurenga 
 African Studies Quarterly 
 The Industrial Workers of the World 
 Anarchist Archives 
 Wholewheat Radio 
 Transformation: Critical Perspectives on Southern Africa  
 Zanon Workers 
 Public Citizen  
 Open Directory Project 
 Big noise films 
 London Review of Books  
 New York Review of Books 
 Monthly Review 
 New Left Review 
 Bureau of Public Secrets  
 Zed Books 
 Pluto Press 
 Duke University Press  
 Abe Books 
 The Electric Book Company 
 Project Guttenberg 
 Newspeak Dictionary 
 Feral Script Kiddies 
 Go Open Source 
 Source Forge 
 www.kiarchive.ru 
 Ubuntu Linux Home Page 
 Software for Apple Computers 



|  Contact Information  |  Terms of Use  |  Privacy