Abstract
Mainstream economists and macroeconomic research institutes are interpreting the economic crisis of 2008 mainly as a result of turbulances in the financial sphere of the economy. US National Accounts data indicate that Every recession in the USA from 1950 till 2010 – including the recession of 2008 – was preceded by a similar pattern in the development of the real economy. In addition the paper argues that the phenomenon of financialisation and the neoliberal regime of accumulation has its ultimate reasons in the development of the real economy.
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