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What crisis is this?

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Abstract:

The current crisis is more than financial: it is multiple, and has been interpreted in multiple ways. There is intense competition to name the crisis, identify its distinctive characteristics and treat it as the ground on which to demand new ways of doing things. The minimalist interpretation of what has gone wrong is currently prevailing; the main remedy offered is a quick fix of the finance system before a restoration of the status quo ante. But the current crisis is much deeper than such strategies would imply. It represents the unravelling of many elements of the neoliberal settlement. 'Restorationists' will not be able to resolve the problems of a global economy that can no longer be fuelled by consumer debt, or a political settlement based on satisfying western consumers.

Keywords: CONJUNCTURE; CRISIS; ECONOMICS; GRAMSCI; STUART HALL; THE LEFT

Document Type: Research Article

DOI: http://dx.doi.org/10.3898/136266209790424522

Publication date: December 1, 2009

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