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[Claudio Schuftan]

From: David Legge <D.Legge at latrobe.edu.au>

  *Bramble, T. (2009). Crisis and contradiction in the world economy. Journal
of Australian Political Economy, 2009(64), 37-64.*



The current economic crisis has been the deepest in world capitalism

since the 1930s, a fact now acknowledged by scores of mainstream

commentators. This article provide an overview of the extent of the crisis

by reference to data on trade, output, the stock markets, job losses and

unemployment, making comparisons both with the Great Depression and

other post-1945 recessions. It also considers the evidence for a

bottoming-out in the economic freefall in the second quarter of 2009, as

well as the reasons for it. The bulk of the article, however, is devoted to

an examination of structural contradictions that persist in the world

economy and which have either been exacerbated by the measures taken

to halt the freefall or which have only temporarily been ameliorated.

These factors include the accumulation of vast financial sector debt that

has not been seriously tackled nor its dimensions understood, endemic

excess capacity in the world economy, unsustainable public debt and

stimulus packages, and a series of contradictions in the Chinese

economy. The article concludes with an assessment of the prospects for

the world economy.



Now read on:

http://www.jape.org/component/option,com_remository/Itemid,26/func,fileinfo/id,127/
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