Economic Crises and the Shape of Modern History

Inspired by the current world economic crisis, this article attempts to assess the place of economic crises in the longer history of capitalism. Combining perspectives from Karl Marx, Joseph A. Schumpeter, Hyman Minsky, and Giovanni Arrighi, the article moves from crises to the business cycles of which they are a product, to the long-term rhythms of capitalist development. It concludes by looking at the current crisis from the point of view of these longer rhythms.