Economic crisis, (Creative) destruction, and the current urban condition

Abstract

This paper investigates the contemporary economic crisis, and explores crisis theories developed by Marx and Marxists alongside discourses surrounding human geography and the urban condition. Two positions currently dominate Marxist crisis theory: realization/overproduction and Law of the Tendential Fall in the Rate of Profit. Within human geography, however, scholars rarely discuss crisis theory in and of itself, and when they do, they tend to rely solely on the realization/overproduction approach popularized by David Harvey. This paper argues that both approaches aid a conceptualization of the current crisis while deepening our understanding of changing urban policies and landscapes. This paper also claims-in contrast to Keynesians' calls-that crises are "solved" by destruction and devaluation of capital, not an increase in effective demand. These debates, as of yet not thoroughly discussed in human geography, can provide us with new knowledge concerning the current crisis and contemporary urban policies.