Developed economies are not suffering from the consequences of a financial crash, but from a structural crisis of neoliberal capitalism

Several economies across the world, most notably in the Eurozone, continue to show only weak signs of recovery from the financial crisis which began in 2008. David M. Kotz argues that developed economies are not merely suffering from the consequences of a financial crash or a severe recession, but from a structural crisis of ‘neoliberal capitalism’. Drawing on ‘social structure of accumulation’ theory, he writes that similar crises have occurred at other points throughout modern history and that the only route to returning to growth is to facilitate the emergence of a new institutional form of capitalism.