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The Financial and Economic Crisis of 2008: A Systemic Crisis of Neoliberal Capitalism

Economics, University of Massachusetts Amherst, Amherst, MA 01003-9277, dmkotz{at}econs.umass.edu

This paper presents a case that the financial and economic crisis that began in the United States in 2008 indicates the start of a systemic crisis of neoliberal capitalism. The same institutional features of neoliberal capitalism that promoted a series of long economic expansions over several decades also created long-run trends that have led to a systemic crisis. Major economic restructuring is likely to follow.

Key Words: neoliberalism • social structures of accumulation • crisis • asset bubble • financial fragility

This version was published on September 1, 2009

Review of Radical Political Economics, Vol. 41, No. 3, 305-317 (2009)
DOI: 10.1177/0486613409335093


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