The Global Economic Crisis and Scenarios for Postcrisis Development

The implications of modern Marxist theory reveal the inevitability, the causes, and the main features of the first global crisis of the twenty-first century. The crisis has been generated by deregulation of economyâwhich caused the "classical" crisis of overproductionâand by the new contradictions of late capitalism, in particular, the persistent overaccumulation of capital and excessive development of the transnational sector, of fictitious financial capital and its isolation from the real sector. Marxist analysis of social interests and contradictions shows that anticrisis measures require not only increasing state regulation but also determining on behalf of whom and in the interests of what social groups this regulation will be realized. While the authors propose that this be done on behalf of financial capital and in the interests of citizens, they also formulate the neoconservative scenario of postcrisis development.