Crisis Theory and the False Desire of Home Ownership

Philosophy Today 55 (2):199-210 (2011)
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Marx claims that economic crisis is endemic to capitalism and will worsen as capitalism develops. The article situates Marx’s crisis theory within the discipline of political economy, explains its relationship to mainstream economics, charts economic crises that have happened since the 1840s, and explains Marx’s crisis theorem of the fall in the rate of profit. In conclusion, the 2008 economic crisis, and the notion of crisis in general, are speculatively considered. Special attention is given to the affective desire to own a home, particularly as this is desire is developed by capitalism, in relation to the sub-prime mortgage credit crisis.


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Amy Wendling
Creighton University

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