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Global imbalances and modern capitalism : a structural approach to understanding the present economic crisis
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Cowling, Keith, Dunne, Stephen and Tomlinson, Phil (2011) Global imbalances and modern capitalism : a structural approach to understanding the present economic crisis. Journal of Post Keynesian Economics, Vol.33 (No.4). pp. 575-596. doi:10.2753/PKE0160-3477330403 ISSN 0160-3477.
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Official URL: http://dx.doi.org/10.2753/PKE0160-3477330403
Abstract
The world economy is riven by very large imbalances, with the U.S. economy exhibiting high levels of consumption but low savings ratios and a high current account deficit while China provides the mirror opposite. In this paper, we explore the structural causes of these imbalances that underpin the current global economic crisis. A key focus here is on the corporate sector in the United States, which has been instrumental in creating unsustainable consumptionist tendencies through the use of excessive advertising strategies. In China, changing demographics and market reforms have led to a significant rise in precautionary saving. Correcting the current imbalances requires recognizing the underlying characteristics of both modern and nonmodern capitalist economies, with appropriate responses being structural in nature in addition to any macroeconomic adjustments.
| Item Type: | Journal Article | ||||
|---|---|---|---|---|---|
| Subjects: | H Social Sciences > HB Economic Theory H Social Sciences > HF Commerce |
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| Divisions: | Faculty of Social Sciences > Economics | ||||
| Library of Congress Subject Headings (LCSH): | International economic relations, Financial crises, Business planning, Capitalism, Saving and investment, Consumption (Economics), Global Financial Crisis, 2008-2009 | ||||
| Journal or Publication Title: | Journal of Post Keynesian Economics | ||||
| Publisher: | M.E. Sharpe, Inc. | ||||
| ISSN: | 0160-3477 | ||||
| Official Date: | 2011 | ||||
| Dates: |
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| Volume: | Vol.33 | ||||
| Number: | No.4 | ||||
| Page Range: | pp. 575-596 | ||||
| DOI: | 10.2753/PKE0160-3477330403 | ||||
| Status: | Peer Reviewed | ||||
| Publication Status: | Published |
Data sourced from Thomson Reuters' Web of Knowledge
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