The 2008 financial crisis is the most totemic political-economic event in living memory. What were the causes of the crash? How does it relate to previous crises in capitalism, like 1970s stagflation? Many believed that 2008 signalled the end of neoliberalism. How did neoliberalism endure in its immediate aftermath? Does China's alternative economic model represent a serious challenge to neoliberalism almost two-decades on? How should we make sense of the post-2008 multipolarity in global politics?
Scott Lavery is Lecturer in Political and International Studies at University of Glasgow. His first book is British Capitalism After the Crisis (Springer, 2019). He joins Chris Saltmarsh and Dillon Wamsley to discuss the short and long-term causes of the 2008 financial crisis, what the crisis has meant for neoliberalism, the fundamental conditions of British capitalism, and how we can use political economy to analyse contemporary crises.
Crisis Point is a limited series introducing the political economy of capitalist crises, providing historical and theoretical rigour to discourses around crisis in the present.
Recommended reading for this episode:
1) Colin Crouch, The Strange Non-death of Neo-liberalism (Polity, 2011)
2) Adam Tooze, Crashed: How a Decade of Financial Crisis Changed the World (Penguin, 2018)
3) Sam Gindin and Leo Panitch, The Making of Global Capitalism: The Political Economy of American Empire (Verso, 2013) (chapter 12)
Works referenced in this episode:
Helen Thompson on inflationary pressure
Nicholas Crafts and Terence C. Mills on productivity slump
This episode is produced by the SPERI Presents… committee, including Remi Edwards, Chris Saltmarsh, Frank Maracchione, Emma Mahoney, Dillon Wamsley and Andrew Hindmoor. This episode was edited by Chris Saltmarsh and Dillon Wamsley. Music and audio by Andy_Gambino. Hosted on Acast. See https://acast.com/privacy for more information.
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