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How Did Wolff, Harvey, Block Interpret The Global Economic Crisis?

481 Words2 Pages

In 2008 the world faced a global economic crisis that left society as a whole in shambles. Many different researchers have interpreted the global economic crisis in a variety of ways. The two theories that are usually argued are the Keynesian approach or neoliberal approach. Keynesian believes that the economic crisis happens because of the deregulation of the finical industry and the only way that we can fix it is it regulates it again. Neoliberal theory is that there is greed in the financial system and that's we need government intervention to help stop the greed. Both of these explanations believe that it's an individual’s fault to why this happen and that society needs government intervention to help restore the peace. We are going to look at the global economic crisis in a different light today where we are going to explore three different Marxist and view …show more content…

Explore how Wolff , Harvey, Block implement Marxist theory in the their concept but also on how they also all emphasize different subject.. Wolff looks at the global economic crisis as being a problem of overproduction of capitalism, and a global economic depression was inevitable. Wolff would have gone as a far back and said that after the great depression in 1929 that we were heading to this point because we tried to solve the situation with temporary solutions. He would emphasize that this is a historical problem and we have to look back to see how America got into the global economic crisis. Americans started to become a “society of consumption” and started to have unlimited wants (Wolff, 2007). With the standard of living going up business took this to

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