Capitalism Crisis and Class: the United States Economy After the 2008 Financial Crisis

dc.contributor.author Dufour, Mathieu
dc.contributor.author Orhangazi, Özgür
dc.contributor.author Orhangazi, Özgür
dc.contributor.other Economics
dc.date.accessioned 2019-06-27T08:02:43Z
dc.date.available 2019-06-27T08:02:43Z
dc.date.issued 2014
dc.department Fakülteler, İktisadi, İdari ve Sosyal Bilimler Fakültesi, Ekonomi Bölümü en_US
dc.description.abstract The literature on the outcomes of the financial crisis in low- and middle-income countries in the post-1980 era presents three broad findings: first the burden of crises falls disproportionately on labor in general and low-income segments of the society in particular. Wages and the labor share of income fall unemployment increases the power of labor declines and income inequality and poverty increase. Capital on the other hand recovers quickly and gains more ground. Second government policies favor capital especially financial capital at the expense of the larger public. Crises also present opportunities for further deregulation and liberalization in financial markets and the rest of the economy. Third following financial crises foreign capital inflows may increase as international capital seeks to take advantage of the crisis and acquire assets at fire-sale prices. The 2008 U.S. financial crisis provides an opportunity to extend this analysis to a leading high-income country. By examining the experience of the United States after the financial crisis in terms of the questions and issues typically raised in examinations of low- and middle-income countries this paper makes an original contribution while at the same time contributing to the gradually emerging literature on the consequences of the U.S. financial crisis. We first look at the distributional effects of the financial crisis and compare this with the impacts of the crisis on capital. Then we investigate the changes in income shares of labor and capital before shifting our attention to changes in inequality and poverty. Next we focus on the role of government policies through an analysis of government taxation and spending policies. Finally we examine the changes in capital inflows before concluding with a discussion of our overall findings and further research areas. en_US]
dc.identifier.citationcount 7
dc.identifier.doi 10.1177/0486613414537981 en_US
dc.identifier.endpage 472
dc.identifier.issn 0486-6134 en_US
dc.identifier.issn 1552-8502 en_US
dc.identifier.issn 0486-6134
dc.identifier.issn 1552-8502
dc.identifier.issue 4
dc.identifier.scopus 2-s2.0-84921527189 en_US
dc.identifier.scopusquality Q1
dc.identifier.startpage 461 en_US
dc.identifier.uri https://hdl.handle.net/20.500.12469/672
dc.identifier.uri https://doi.org/10.1177/0486613414537981
dc.identifier.volume 46 en_US
dc.identifier.wos WOS:000344690300004 en_US
dc.identifier.wosquality Q4
dc.institutionauthor Orhangazi, Özgür en_US
dc.language.iso en en_US
dc.publisher Sage Publications Inc en_US
dc.relation.journal Review of Radical Political Economics en_US
dc.relation.publicationcategory Makale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanı en_US
dc.rights info:eu-repo/semantics/openAccess en_US
dc.scopus.citedbyCount 11
dc.subject Financial crisis en_US
dc.subject Great Recession en_US
dc.subject 2008 crisis en_US
dc.subject G01 en_US
dc.subject D31 en_US
dc.subject E62 en_US
dc.subject F21 en_US
dc.title Capitalism Crisis and Class: the United States Economy After the 2008 Financial Crisis en_US
dc.type Article en_US
dc.wos.citedbyCount 10
dspace.entity.type Publication
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