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Eleanor Morley

Explaining the Global Financial Crisis: Marx vs Keynes

Socialism 2016

Since the Great Depression there have been debates about how to explain and challenge free market capitalism. The GFC has reopened these discussions for a modern audience. Neo- or Post-Keynesians believe that capitalism's tendency towards crisis can be overcome without challenging the underlying class structure, while Marxists believe that crisis is endemic to a system based on capitalist accumulation.