The following review appeared in the January 2015 issue of CHOICE:
Economics
52-2667HB501 2014-11018 CIP
Screpanti, Ernesto. Global imperialism and the great crisis: the uncertain future of capitalism. Monthly Review, 2014. 256p bibl index ISBN 9781583674482, $85.00; ISBN 9781583674475 pbk, $23.00.
In this volume, Screpanti (Univ. of Siena, Italy) offers a Marxist-inspired interpretation of the causes and consequences of the financial crisis that began in 2007. The author argues that the principal actors in the global economy are multinational firms and that, despite appearances to the contrary, national governments and international organizations largely serve their interests, while the citizens of the world are left to suffer the consequences. The evolution of the world economy is governed by the laws of the market, which have given rise to a widespread tendency to redistribute income away from labor and toward capital. By undermining purchasing power, this redistribution made inevitable the adoption of the policies that gave rise to the massive financial crisis that swept the world. The thesis is provocative, and the arguments and evidence are clearly developed without resort to any mathematical formalism. Nonetheless, some readers will likely find the argument difficult to follow in places. Though it is not likely to persuade those who are not already sympathetic to a Marxist critique, this book offers a valuable alternative to conventional accounts of the contemporary economy.
–J. L. Rosenbloom, University of Kansas
Summing Up: Recommended. Upper-division undergraduates and above.
Comments are closed.