Luis Espinoza | The University of Manchester (original) (raw)
Address: Oslo, Norway
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In this essay I will develop an alternative explanation to the causes of the Argentinean crisis o... more In this essay I will develop an alternative explanation to the causes of the Argentinean crisis of 2001. The predominant approaches, based on mainstream economics, argue that the causes of the crisis are to be found in elements outside what they consider as the economic sphere. I will argue that these approaches are based on an approach that abstract economics from its social foundations and does not consider certain fundamental aspects of the contemporary mode of production. Using their epistemology will therefore lead to a narrow understanding of events such as economic crisis. In this sense, I will need to move beyond mainstream economics’ understanding of social reality and propose my own framework, based on a Marxist approach. Then I will be able to give some important nuances to the debate. I will show that capitalism has a tendency towards overproduction and economic stagnation. It therefore depends on the disciplinary forces of crisis to re-establish the conditions of capital accumulation. In this sense, my main argument will be that the Argentinean crisis of 2001 was a geographically concentrated devaluation of overproduced capital.
In this essay I will develop an alternative explanation to the causes of the Argentinean crisis o... more In this essay I will develop an alternative explanation to the causes of the Argentinean crisis of 2001. The predominant approaches, based on mainstream economics, argue that the causes of the crisis are to be found in elements outside what they consider as the economic sphere. I will argue that these approaches are based on an approach that abstract economics from its social foundations and does not consider certain fundamental aspects of the contemporary mode of production. Using their epistemology will therefore lead to a narrow understanding of events such as economic crisis. In this sense, I will need to move beyond mainstream economics’ understanding of social reality and propose my own framework, based on a Marxist approach. Then I will be able to give some important nuances to the debate. I will show that capitalism has a tendency towards overproduction and economic stagnation. It therefore depends on the disciplinary forces of crisis to re-establish the conditions of capital accumulation. In this sense, my main argument will be that the Argentinean crisis of 2001 was a geographically concentrated devaluation of overproduced capital.