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Dangerous Fortunes: Financial Crises in Historical Perspective
Ist Teil von
International Sociological Association, 2010
Erscheinungsjahr
2010
Link zum Volltext
Quelle
Sociological Abstracts
Beschreibungen/Notizen
Virtually all analyses of the contemporary financial crisis have focused on its immediate triggers rather than on broader structural causes. Yet financial crises have been a recurrent historical phenomenon & at the turn of the last century Hobson, Hilferding, Lenin & others were debating the origins & prospects of financial imperialism. Locating their work in a broader perspective, Fernand Braudel showed that similar crises occurred even earlier. This paper will look at the present crisis in the context of previous financial crises to determine similarities and differences between the present crisis & earlier ones. Notably, unlike earlier crisis when capital flowed from declining powers (the Netherlands & the UK respectively) to the rising powers (the UK & the US), today capital is flowing from the rising power (China) to the declining one (the US). As this illustrates, this is the first time in the history of capitalism that capital is accumulating on a large scale & a faster pace in locations outside Europe. The paper will examine if the current crisis signals a change in these trends & what this suggests for the future.