Doprinos radikalne političke ekonomije razumevanju velike recesije
The Contribution Of Radical Political Economy To Understanding The Great Recession

Summary/Abstract: Radical political economy represents creative development of Marx's analysis of capitalism in contemporary conditions. Its conceptual apparatus is based on the consideration of the modern society in terms of power relations, present at different levels of socio-economic system and manifested in the forms of inequality, exploitation, relations of domination, alienation, dependent development. The current crisis is a natural result of normal functioning of the world capitalist system. The main generator of current crisis is the neoliberal model of capitalism, which sabotages the growth of both wages and aggregate demand, creating chronic excess capacity, growing volume of speculative capital and reckless and greedy financial sector. The above mentioned model of capitalist economy is not viable without an explosion of debt, fueled by growing speculative bubbles. In order to avoid long-term reproduction of their peripheral status within the world capitalist system, developing countries must establish institutional policies sensitive to local circumstances and resources, as well as to the complex relations of power, present at different levels of the modern economy.

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