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Development of Basic Contradictions of Capitalism and the Current Capitalist Financial Crisis
ZHANG Jun-shan
Teaching and Research
2009, (10):
60-66.
The paper starts with an analysis of the basic features of the capitalist production mode to explain how basic contradictions of capitalism have posed restrictions to development of capitalism,and how capitalist economy strives to find new possibilities to break through these restrictions.When possibilities are exhausted,severe global crisis will result.The paper recalls the experiences of capitalism in the 20th century.In 20th capitalism,capital had been trying to break through the restrictions of its basic contradictions by resorting to export of capital,state intervention,and financialization of economy.But the capital frequently found itself surrounded by new obstacles in the form of serious crises and world wars in the 1930s,stagnation in the 1970s,and the current financial crisis.The author holds that the current financial crisis points to the fact that there is no room left for the financialization of economy since 1970s.Capitalism may not be able to start a new round of development unless new room for development is discovered.
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