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| The global economic crisis - Nacho Álvarez
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| * Outline of the lecture
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| *The neoliberal answer to the crisis since the 1980’s
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| - The extension of neoliberal measures: liberalization, privatization and external opening of economies.
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| - Main characteristics of the neoliberal period: financialization, stagnation and unemployment.
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| - Restoring profitability: the wage regression.
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| - The resurgence of financial capital and the accumulation of debt
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| -Export-led growth vs. debt-led growth
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| *Marxist analysis of the current crisis
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| - Profitability and evolution of the rate of profit
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| - Financialization and accumulation of fictitious capital: the crisis of neoliberalism
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| - The Euro crisis: a storm in the center of the world economy
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| - The crisis in the periphery: Latin America and Asia
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| *The responses of the elites to the current crisis and possible alternatives
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| - The response in USA: the support to Wall Street and to financial capital
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| - Bailouts, austerity and Memorandums in the European Union: deepening social regression
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| - An alternative economic policy
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| * Reading Materials
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| Álvarez, Nacho (2012): “Capital financiero, Estado y crisis económica en Europa”, Encrucijadas. Revista Crítica de Ciencias Sociales, nº 3. [Spanish]
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| Husson, Michel and Louçã, Francisco (2012): “Late capitalism and neo-liberalism. A perspective on the current phase of the long wave of capitalist development”, January 2012. [http://hussonet.free.fr/loulou12.pdf]
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| Husson, Michel (2010): “The debate on the rate of profit”, International Viewpoint, July 2010.[http://internationalviewpoint.org/spip.php?article1894]
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| Moseley, Fred (2012): "The U.S. Economic Crisis: Profitability Crisis and Household Debt Crisis Combined”, URPE-Occupy Summer Conference, August 2012.[http://thenextrecession.files.wordpress.com/2012/07/crisissummaries.pdf] page 10-12.
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| Shaikh, Anwar (2012): “Causes and Consequences of the Current Global Economic Crisis”, URPE-Occupy Summer Conference, August 2012. [http://thenextrecession.files.wordpress.com/2012/07/crisissummaries.pdf] page 18-19.
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| Toussaint, Eric (2011): “In the eye of the storm: the debt crisis in the European Union”, CADTM, September 2011.[http://cadtm.org/In-the-eye-of-the-storm-the-debt]
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| Toussaint, Eric (2011): “New Debt Crisis in Third World?”, International Viewpoint, 31, October, 2011.[http://internationalviewpoint.org/spip.php?article1530]
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| Millet, Damien and Toussaint, Éric (2012): “What emergency programme for the crisis?”, International Viewpoint, July 2012.[http://www.internationalviewpoint.org/spip.php?article2683]
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| * Questions for the groups
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| *The neoliberal answer to the crisis since the 1980’s
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| 1. How profitability was restored? Which are the main cornerstones of neoliberalism?
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| 2. Is neoliberalism a sustainable model? What are the main weaknesses?
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| *Marxist analysis of the current crisis
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| 1. Are we witnessing “the crisis” of capitalism or the crisis of neoliberal capitalism?
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| 2. Why the Euro is the weakest “link” at this moment?
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| 3. Could Asia and Latin America decouple from the crisis in the advanced capitalist countries?
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| *The responses of the elites to the current crisis and possible alternatives
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| 1. What are the main objectives imposed by the elites in this crisis and how do they pursue them?
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| 2. What contradictions and limitations face the strategy of the elites?
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| 3. How can we raise an alternative to the crisis?
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| Other references:
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| [[ The Foundations of Capitalist Economy http://4edu.info/images/f/f2/The_Foundations_of_Capitalist_Economy.pdf]]
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