Are crises a threat to capitalism existence?
*This is a version of an essay written for a Master’s course during fall 2020 session In this article, I will argue that economic crises are not only inevitable under capitalism but also necessary from the capital’s point of view. Locating the role of crises in the capitalist dynamic is a crucial element in order to avoid misleading interpretations of the nature of capital accumulation. We define a crisis as a severe and sudden downturn in the economic activity within a country or region which sooner or later involves a recovery process and can potentially lead to structural changes. Two examples of crises are the Great Depression (1929-1939) and the Continue Reading →