Patrick Bond: Global Economic Volatility and Slap-Dash Repairs to the International Financial Architecture

The expansion of the global economy’s financial sector in the context of relative productive sector stagnation tendencies can be read as a classical overaccumulation crisis. This chapter considers the way the leading powerbrokers reacted to the crisis through ‘devalorization’ of large parts of the Third World alongside the write down of selected financially volatile and vulnerable markets in the North (e.g., real estate and other derivatives bubbles). In contrast to the 1930s, More

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