Resumo the crisis of neoliberalism

Resumo 1
Gerard Dumenil and Dominique Levy’s latest book ‘The Crisis of Neoliberalism’ is an excellent, though flawed contribution to the burgeoning body of Marxist literature on the current economic crisis. Their analysis starts from the position that capitalism has different phases where it takes different forms, the latest being neoliberalism which emerged out of the crisis of the 1970s and has been imposed from the core capitalist countries onto the developing world.
Dumenil and Levy argue that the current crisis is the fourth major crisis of modern capitalism, following the crisis of the 1890s, the Great Depression of the 1930s and the crisis of the 1970s. Such crises go beyond ordinary recessions as they are structural so alter the social order and international relations. This leads on to one of the central arguments of the book, that they reject monocausal explanations for crises of capitalism instead maintaining they can be caused by a complex multiplicity of reasons. Whilst the crises of the 1890s and 1970s can be explained by declining rates of profit, Dumenil and Levy claim that the Great Depression and the current crisis came out of periods of rising profitability.
The Crisis of Neoliberalism understands the period from the structural crisis of the 1970s as one of financial hegemony. US capitalism was the starting point for neoliberalism in its expansion through financialisation and globalisation. This created high incomes for a small elite and excessive consumption. The financial structure was unstable, with slow accumulation and increasing financialisation to raise profit with growing domestic debt. The unstable trajectory of the US economy, from too much financialisation led to the current crisis.
Dumenil and Levy’s analysis is fascinating and well argued; however, it fails to provide a theory of crisis as they consider the cause of each crisis to be individual. The reliance on the idea of financialisation as a separate entity within capitalism