chapter  3
17 Pages

Latin America and the Empire of Global Capital

You have download access for this chapter.

PDF 0.23MB

The downturn in the world economy that began in the closing years of the 20th century heralded a crisis that, in my view, was more than merely cyclical. The turn-of-century turmoil may turn out to be the opening scenes to Act II of a deeper restructuring crisis that began nearly three decades earlier. Mainstream business-cycle theories are keen to identify periodic swings from expansion to recession in the market economy, but worldsystem and other Marxist-inspired theories have long pointed to deeper cycles of expansion and contraction in world capitalism. Cyclical crises eventually usher in periods of restructuring. These restructuring crises, as scholars from the French regulation, the U.S. social structure of accumulation, the world-system, and critical Marxist schools have shown, result in novel forms that replace historical patterns of capital accumulation and the institutional arrangements that facilitated them.1