Vol.8, No 4, 2011 pp. 345 - 356
UDC 330.342.14:338.124.4
THE CONTRIBUTION OF RADICAL POLITICAL ECONOMY TO UNDERSTANDING THE GREAT RECESSION
Zoran Stefanović, Branislav Mitrović
Faculty of Economics, University of Niš, Serbia
zoran.stefanovic@eknfak.ni.ac.rs
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.
Key Words: neo-Marxist political economy, power relations, inequality, world capitalist system, accumulation, neoliberal capitalism, institutional policy
DOPRINOS RADIKALNE POLITIČKE EKONOMIJE RAZUMEVANJU VELIKE RECESIJE
Radikalna politička ekonomija stvaralački razvija Marksovu analizu kapitalizma u savremenim uslovima. Osnovu njenog konceptualnog aparata čini promišljanje savremenog društva u kategorijama odnosa moći, koji se na različitim nivoima društveno-ekonomskog sistema manifestuju u obliku nejednakosti, eksploatacije, odnosa dominacije, alijenacije, zavisnog razvoja. Aktuelna kriza svetskog kapitalističkog sistema prirodni je rezultat njegovog normalnog funkcionisanja. Njen generator je neoliberalni model kapitalizma, koji sabotira rast nadnica i agregatne tražnje, stvarajući hronični višak kapaciteta, narasli volumen špekulativnog kapitala i finansijski sektor sklon riziku. Održanje pomenutog modela kapitalističke privrede nije moguće bez eksplozije duga, poduprtog rastom špekulativnih balona. Kako bi izbegle dugoročnu samoreprodukciju perifernog statusa unutar svetskog kapitalističkog sistema, zemlje u razvoju moraju voditi institucionalnu pollitiku osetljivu na domaće okolnosti i resurse, kao i na složene relacije moći prisutne na različitim nivoima savremene privrede.
Ključne reči: neomarksizam, odnosi moći, nejednakost, svetski kapitalistički sistem, akumulacija, neoliberalni kapitalizam, institucionalna politika
