The structural crisis of capitalism and its repercussions

This article analyzes the structural crisis of capitalism that began when the speculative home mortgage bubble burst in the United States in 2007, and the repercussions of that phenomenon. The current crisis is the outcome of a series of processes unleashed as a result of the crisis of overaccumulation of capital in the 1970s, which generated, on the one hand, the conditions for financial capital's dominance and, on the other, a new frontier for the accumulation of capital in East Asia, especially in China. The crisis calls into question the centrality of the North American economy, but that does not necessarily mean the shift of capitalism's hegemonic center to Asia. Here we will argue that we are headed toward a multipolar world.