Dimensions of the current systemic crisis: Capitalism in short circuit?

In: Progress in development studies, Band 16, Heft 1, S. 1-23

Abstract

The crisis of global financial-led growth reflects evidence of exhaustion of the current model of accumulation, which has been in place since the late 1970s, characterized by lower growth rates and decreasing labour shares. A system which so far has only been possible by means of excessive consumerism through increasing indebtedness, accelerated depletion of resources, growing income inequalities and social exclusion and unrest. Yet this is no longer sustainable. Since the end of the last century, we can find and connect root signs of a multidimensional systemic crisis, which manifests itself today beyond the economic downturn in terms of human, ecological and socio-political crises. The contradictions that arise from the process of capital accumulation are the point of departure to look at this multidimensional crisis.