The Global Financial Crisis: System Failure, Great Power Rivalry and Prospects for Structural Change

Drew Cottle, Oliver Villar, Angela Keys

Research output: Book chapter/Published conference paperConference paper

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Abstract

Western leaders and orthodox analyses portray the global financial crisis as being the result of exceptional 'greed' and excessive 'risk-taking' by irresponsible capitalists in the United States of America, the world's leading capitalist economy. The paper challenges this view by utilising a class method of analysis and political economy approach. We argue the crisis derives from the international capitalist system and from contradictions in the processes of capital accumulation and class conflict globally. This paper examines the role of U.S. led finance in shaping global structures of production based on the exploitation of wage-labour for profit. The crisis has enormous implications for the U.S. as a global power, not only for the stability of the international system, but for power shifts and rivalries as well as militancy and armed groups.
Original languageEnglish
Title of host publicationAPSA 2009
Subtitle of host publicationPolitics of the Global Crisis
EditorsGeoffrey Hawker
Place of PublicationAustralia
PublisherMacquarie University
Pages1-11
Number of pages11
Publication statusPublished - 2009
EventAustralasian Political Studies Association (APSA) Annual Conference - Macquarie University, Australia
Duration: 28 Sep 200930 Sep 2009

Conference

ConferenceAustralasian Political Studies Association (APSA) Annual Conference
CountryAustralia
Period28/09/0930/09/09

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