The crisis: A conjunctural problem or the logic of global accumulation?

Abstract

In this paper, we explore the idea that the current financial crisis is a manifestation of the exhaustion of the global capital accumulation process, a process that was established after the war and based on the principle of globalization. The first signs of this exhaustion appeared in the 1970s. The liberalizing solutions the capital itself has imposed since then in order to maintain profitability have permitted, on one hand, a certain amount of global productive restructuring, but, on the other, have created many opportunities for the fictitious valorization of capital that is now erupting in crisis.