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Money, housing and world market: the dialectic of globalised production

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  • Maria N. Ivanova
Abstract
This article offers an interpretation of the domestic and global dimensions of the US housing, financial and economic crisis in a Marxian framework. My key argument is that the origins of the Great Recession can be fully understood only within an analysis of the system of globalised production and the corresponding division of labour manifest in the symbiotic relationship between the financialised US-centred core and the commodity-producing periphery. The imbalance between production and finance in the US economy mirrors the global imbalance between the ability to produce and the capacity to consume. Copyright The Author 2011. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved., Oxford University Press.

Suggested Citation

  • Maria N. Ivanova, 2011. "Money, housing and world market: the dialectic of globalised production," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 35(5), pages 853-871.
    • Handle: RePEc:oup:cambje:v:35:y:2011:i:5:p:853-871
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    File URL: http://hdl.handle.net/10.1093/cje/beq053
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    Cited by:

    1. Kosta Josifidis & Alpar LosÌŒonc, 2014. "Some Thoughts on Power: International Context," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 61(5), pages 597-615, October.
    2. Yair Kaldor, 2022. "Financialization and Fictitious Capital: The Rise of Financial Securities as a Form of Private Property," Review of Radical Political Economics, Union for Radical Political Economics, vol. 54(2), pages 239-254, June.
    3. Maria N. Ivanova, 2017. "Profit growth in boom and bust: the Great Recession and the Great Depression in comparative perspective," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 26(1), pages 1-20.
    4. Engelbert Stockhammer, 2015. "Rising inequality as a cause of the present crisis," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 39(3), pages 935-958.
    5. Joonghyun Kwak & Michael Wallace, 2018. "The Impact of the Great Recession on Perceived Immigrant Threat: A Cross-National Study of 22 Countries," Societies, MDPI, vol. 8(3), pages 1-23, July.
    6. Bradley Smith, 2019. "Life, Liberty, and a House in the Suburbs. The Political Construction of the Homeownership Model of Happiness in the United States [Vie, liberté et pavillon : la recherche du bonheur par la proprié," Post-Print hal-04145164, HAL.

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