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Business as UsualThe Roots of the Global Financial Meltdown$
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Craig Calhoun and Georgi Derluguian

Print publication date: 2011

Print ISBN-13: 9780814772775

Published to NYU Press Scholarship Online: March 2016

DOI: 10.18574/nyu/9780814772775.001.0001

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The Convolution of Capitalism

The Convolution of Capitalism

(p.211) Chapter 8 The Convolution of Capitalism
Business as Usual

Gopal Balakrishnan

NYU Press

This chapter explores the possibility that capitalism may not this time be able to generate innovation enough to renew its dynamism. It examines what it would mean for capitalism neither to revitalize itself nor to end but instead to enter a long-term, near steady-state of stagnation. This idea challenges Marxists as well as neoclassical economists—ironically joined by faith in an inevitable new age of expansion. The chapter notes the expansion of capitalism to a truly global scale in the era of financialization but argues that this masked a long downturn in the “real economy” of goods and services that meet human needs. With massive productive capacities that it is already having difficulty matching to consumers, capitalism may enter a long era of deflation.

Keywords:   capitalism stagnation, capitalism expansion, consumers, deflation, innovation

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