Abstract
Most of the advanced capitalist countries are in recession today causing untold suffering to the common man. Japan and the USA are going through recessionary phases since 1992 and 2001, respectively. Most of the European countries are also in recession since 2008. Speculative activities of the global financial capital are at the root of most of the recent crises the capitalist world is plagued with. The latest victim is Greece. In this chapter, we first develop a model modifying the IS-LM-based mainstream open economy macro-models and, then, use it to show how speculative activities of the global financial capital perpetrated the crisis in Greece.
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Ghosh, C., Ghosh, A. (2018). Capitalism, Crisis and the Common Man. In: Ray, P., Sarkar, R., Sen, A. (eds) Economics, Management and Sustainability. Springer, Singapore. https://doi.org/10.1007/978-981-13-1894-8_5
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DOI: https://doi.org/10.1007/978-981-13-1894-8_5
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