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Ekonomik Yaklasim. 2019; 30(112): 69-96

The 2008 Global Crisis in The Context of The Theory of Long Waves


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The debates on the global crisis in 2008 are still up to date. This study aims to explain the 2008 crisis in the context of Long Waves Theory. At this point, the theoretical explanations of the Marxist School in which Mandel is located come to the fore. There are two currents on Long Waves Theory: Post-Kondratieff Economists and Marxist School. In some empirical studies, both supportive and unsupportive results have been obtained on the views of Post-Kondratieff Economists. The debate on the 2008 global capitalism crisis continues. However, Marxist School economists explain the issue with a theoretical integrity. Contrary to what is known, "creative destruction" does not function in economic crises, but works in the recovery phase of the economic conjuncture. As the recent crisis shows, this is due to interventions in the “creative destruction” cycle.

Key words: The Theory of Long Waves, Post-Kondratieff Economists, Ernest Mandel. JEL Codes: B10, B14

Article Language: EnglishTurkish

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