Abstract

HAWKINS, Daniel. INTERNATIONAL CRISIS OR CAPITALISM IN CRISIS?. colomb.int. [online]. 2010, n.71, pp.211-233. ISSN 0121-5612.

The present global recession that sprung out of the US banking and Real Estate sectors in 2007 has its roots in the massive State and financial upheavals implemented in the face of the 1970s crisis of over accumulation. These transformations had as their objective the reneging of the Keynesian, tripartite model of regulation and its association with the 'Welfare State'. As such, the post-1970 neo-liberal financial order can be best seen as a 'class project' to reassert the dominance of grand capital, especially financial capital, both in the political and economic fields. Examining the intricate links between the present crisis and the structural governance changes enacted over the past 30 years, principally in the United States, the fallacies of ultra-growth and the speculative model become obvious as do their class dimensions and impact. However, despite the seeming ideological death of neo-liberalism, on close inspection, the policies so far enacted by the Obama administration make no concerted move out of the past era of financial sector hegemony.

Keywords : Financial sector; hedge funds; derivatives; subprime crisis; financial re-regulation; recession; depression; State autonomy; class projects; social classes; monetary doctrine.

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