Abstract
The international financial crisis in the American economy in 2008 brought again to the fore an economic discussion on the origin of crises. Previously, only the 1929 accident had such magnitude, putting in discussion the economic policies adopted until then, raising the economic debate between several economic schools of thought. The effects of the crisis were notorious about the financial markets, but also hit hard the real economy, especially the productive sector, such as industry and services. Indeed, the consequences on employment, income and on the level of trade were not only felt by the American economy, but also in other countries. Starting from this context, this article aims to describe the propelling elements and the forms of theoretical manifestation of the crises under a marxist perspective, seeking to understand the origins of this phenomenon from the marxist stream, as well as discourse about the 2008 crisis and its developments on the American economy. Therefore, it makes use of economic indicators on the evolution of prices and sale of real estate in the United States, growth rate of gross domestic product and employment and income between 2000 and 2010. The methodology also includes the arguments on the capital bearer of interest and fictitious capital in addition to the role of the rate of profit, exposed in the Marxist conception of the origin of financial crises. As a result, it can be seen that the fictitious capital dominates economic and political relations so that the crisis has its origin on capital and not in the productive sphere.
Highlights
Financial crises have been recurrent and have shown diverse effects on countries with different levels of development
The effects of the crisis were notorious about the financial markets, and hit hard the real economy, especially the productive sector, such as industry and services
It can be seen that the fictitious capital dominates economic and political relations so that the crisis has its origin on capital and not in the productive sphere
Summary
Financial crises have been recurrent and have shown diverse effects on countries with different levels of development. To reach such research purpose, the methodological strategy is based on bibliographical review of the Marxist perspective on financial crises and data on the American economy in the period in question, namely: growth rate of gross domestic product, real interest rate, level of consumption and value added from the industry, in the period between 2001 and 2010. Throughout the decades of the XX and XXI centuries, several economies went through financial instabilities, to a lesser or greater magnitude In this scenario, the main contribution of the research is aimed at a better understanding of factors determining the instabilities of the financial system. The main contribution of the research is aimed at a better understanding of factors determining the instabilities of the financial system In this way, policymakers can take preventive action to avoid or mitigate effects on the real economy as well as on the financial and credit markets. The third comprises the analysis and description of the crisis of the financial crisis of 2008/2009 and its respective origin from the Marxist perspective
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