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Learning From the Global Financial CrisisCreatively, Reliably, and Sustainably$
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Paul Shrivastava and Matt Statler

Print publication date: 2012

Print ISBN-13: 9780804770095

Published to Stanford Scholarship Online: June 2013

DOI: 10.11126/stanford/9780804770095.001.0001

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Leveraging Ourselves out of Crisis—Again!

Leveraging Ourselves out of Crisis—Again!

(p.245) 14 Leveraging Ourselves out of Crisis—Again!
Learning From the Global Financial Crisis

Aida Sy

Tony Tinker

Stanford University Press

This chapter frames the ongoing financial crisis as only the most recent instantiation of a recurrent phenomenon, a flaw that is intrinsic to capitalist economies that encourage leveraged speculation. It identifies three contradictions that consistently jeopardize the process of growth through which capital is accumulated: the falling rate of profit, the need to dispose of overproduction, and the concentration and centralization of capital. It argues that the stabilization strategies that have been employed to mitigate the current crisis have not only deferred the impacts but also have increased the potential for systemic risk and thus increased the likelihood that other “time bombs” will soon implode, especially in nations such as Switzerland, where bank leverage vastly exceeds the gross domestic product.

Keywords:   capitalist economies, overproduction, Switzerland, bank leverage, financial crisis

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