Neoclassical Economics, Marx and Keynes, and the Global Financial Crisis

  • Chandana Ghosh
  • Ambar Nath Ghosh


This chapter shows that all the major capitalist countries in the world today are going through a prolonged phase of recession and seeks to explain this phenomenon. It observes that the recessions in these countries have followed formation and collapse of huge asset price bubbles, which precipitated deep economic crises. Carefully analysing available evidences, this chapter argues that these phenomena have been deliberately caused by the global financial capital (or giant capitalists) in connivance with the central banks and the governments of the countries where the crises have occurred. Keynesian stabilization measures have been deliberately designed in such a manner that recession persists at a desired level indefinitely following the crisis.


Asset price bubble Speculative activities Global financial capital 


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Copyright information

© The Author(s) 2019

Authors and Affiliations

  • Chandana Ghosh
    • 1
  • Ambar Nath Ghosh
    • 2
  1. 1.Economic Research UnitIndian Statistical InstituteKolkataIndia
  2. 2.Economics DepartmentJadavpur UniversityKolkataIndia

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