Doug Henwood wrote:
The phrase "spatio-temporal fix" (shifting/stalling of
overaccumulation crisis), and the idea of displacement (not
resolution) of crisis, are central to newer Marxist interpretations
of this long-term crisis, sure.
So how does this apply to the Scandinavian banking crises of the early
1990s? Did they displace it onto the U.S. 15 years later? Or Greenland
and we all missed it?
Snarkasm aside, if you were to ask me about Zimbabwe and South Africa, I
would try to trace for you the exact process of capital overinvestment
and the shift from productive to financial circuitry, and then layer in
the global determinations. I wish I had the Swedish experience at my
fingertips, but I don't; I gather that the banking problem stemmed from
a classical Kuznets cycle peak in real estate, which is part and parcel
of the overaccumulation displacement process, and one suffered in most
countries across the world during the early 1990s.
Still, this is the double challenge for poli-econ work these days, imho:
a) relating internal dynamics of overaccumulation to subsequent internal
processes of financialisation (a key manifestation of the temporal fix)
and geographic displacement (e.g. most countries' real estate bubbles); and
b) relating a national economy to the rest of the world, so as to
continually check how processes of contagion set in.
A shame you are not our ally in this kind of work, Doug. Doesn't the
depth of the current crisis (a word I see you invoke now in your
impressive Nation article) shake you up? Join us, comrade.
Cheers,
Patrick
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