Marxist Economic Analysis Fails to Predict Global Financial Instability
Mainstream economics failed to predict the recent economic crisis due to a lack of focus on credit, debt, and financial variables. Similarly, Marxist economists have struggled to understand the crisis by relying too heavily on outdated concepts. A new approach is needed to account for the destabilizing role of finance capital in the 21st century, emphasizing the importance of financial institutions and markets in global capitalism.