Capitalism Crisis and Class: The United States Economy after the 2008 Financial Crisis

dc.contributor.authorOrhangazi, Özgür
dc.contributor.authorOrhangazi, Özgür
dc.date.accessioned2019-06-27T08:02:43Z
dc.date.available2019-06-27T08:02:43Z
dc.date.issued2014
dc.departmentFakülteler, İktisadi, İdari ve Sosyal Bilimler Fakültesi, Ekonomi Bölümüen_US
dc.description.abstractThe 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.citation7
dc.identifier.doi10.1177/0486613414537981en_US
dc.identifier.endpage472
dc.identifier.issn0486-6134en_US
dc.identifier.issn1552-8502en_US
dc.identifier.issn0486-6134
dc.identifier.issn1552-8502
dc.identifier.issue4
dc.identifier.scopus2-s2.0-84921527189en_US
dc.identifier.scopusqualityQ1
dc.identifier.startpage461en_US
dc.identifier.urihttps://hdl.handle.net/20.500.12469/672
dc.identifier.urihttps://doi.org/10.1177/0486613414537981
dc.identifier.volume46en_US
dc.identifier.wosWOS:000344690300004en_US
dc.identifier.wosqualityQ4
dc.institutionauthorOrhangazi, Özgüren_US
dc.language.isoenen_US
dc.publisherSage Publications Incen_US
dc.relation.journalReview of Radical Political Economicsen_US
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.rightsinfo:eu-repo/semantics/openAccessen_US
dc.subjectFinancial crisisen_US
dc.subjectGreat Recessionen_US
dc.subject2008 crisisen_US
dc.subjectG01en_US
dc.subjectD31en_US
dc.subjectE62en_US
dc.subjectF21en_US
dc.titleCapitalism Crisis and Class: The United States Economy after the 2008 Financial Crisisen_US
dc.typeArticleen_US
dspace.entity.typePublication
relation.isAuthorOfPublicationaad6bd22-3f32-4c7f-b625-51b081f50ddd
relation.isAuthorOfPublication.latestForDiscoveryaad6bd22-3f32-4c7f-b625-51b081f50ddd

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