THE GREAT FINANCIAL CRISIS CAUSES AND CONSEQUENCES by John Bellamy Foster and Fred Magdoff (Monthly Review Press, New York, 2009, out in paperback) is a good critique of this period of the financialization of capital in crisis.
Based on their earlier Monthly Review analysis of what was happening in the crisis of capitalist development with stagflation, here is a readable alternative left economic story that builds up to the current crisis and its consequences for people all over the world.
Chapters are on the household debt bubble, the explosion of debt and speculation. the dominance of monopoly finance capital and this crisis of financialization.
What is happening is covered with the US and other capitalist states having to be the lender of last resort, capitalising many banks throughout the world and to try to stimulate demand in the collapse of the real productive economy into world recession.
There is discussion of Keynes and post WW11 policies together with Polish economist Kalecki who showed that long-term development is not inherent in the capitalist economy.
This is a political economy book that is used in combatting the ideologies of the right and the corporates.
A people first, socialistic, approach to this crisis is arguably more stable,
economically and socially.
capitalist crisis severe
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