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The Locust and the BeePredators and Creators in Capitalism's Future$
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Geoff Mulgan

Print publication date: 2015

Print ISBN-13: 9780691165745

Published to Princeton Scholarship Online: October 2017

DOI: 10.23943/princeton/9780691165745.001.0001

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Barren and Pregnant Crises

Barren and Pregnant Crises

(p.17) Chapter 2 Barren and Pregnant Crises
The Locust and the Bee

Geoff Mulgan

Princeton University Press

This chapter describes the crisis that unfolded in the late 2000s, and how it changed the world's political economy. The crisis had its origins, like many others, on the edges of capitalism, in the household sector and land, and in the most dramatically unbalanced parts of the system, before spreading into every other part, freezing the flow of credit in the banks, and then precipitating a cascade of collapses. In retrospect, scholars can now see that the late 1990s brought a historic shift of surpluses away from production and toward finance, which, like any excess of predation, inevitably harmed the vitality of the system being preyed on.

Keywords:   financial crisis, political economy, capitalism, household sector, land, finance, production

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