Contemporary Theories of political Economy final essay

Contemporary Theories of political Economy final - Essay Example Thus in order to fathom the basis of the economical crisis that emerged during the late 1060s and the early 1970s, a more thorough and wide-ranging approach needs to be taken. At the start of the 1970s, the opinionated left had created strict doctrinal views about the purpose of capitalism. They believed that capitalism was inherently a system of exploitation and oppression (Jà ¸rgensen 125). The global and economic activities that took place in the 1960s were largely the result of capitalism as it had emerged since the Great Depression. However the 1970s were witness to a crisis and transformation of capitalism, initially displaying its faults but later on escaping the clutches of the left. Indications of a crisis were being sighted in the late 1960s, attributable not merely to the global unrest of 1968 but also due to the fact that the economic system was not fail-proof to the pervasive effects of crisis in capitalist systems. One of the major effects of the protest cycle that had initiated in 1968 was the emergence of newly revived working class militancy (Jà ¸rgensen 125). This militancy was responsible for shattering the peace of the labor market that had been present for a long time now. The time period between 1968 and 1972 attested to a series of strikes in Western Europe, specifically characteristic of wildcat strikes that were held beyond the structural setup of negotiation. Jà ¸rgensen observes that â€Å"the official trade union leaderships were more often than not taken by surprise by their members’ militancy† (125). The unrest occurring during this time period, along with the fall of the Bretton Woods system and the dollar crisis, cumulated together and made the global crisis into an impending reality. It was in 1973 that the crisis finally struck, and the hopes of stable capitalism as a reasonably organized perpetuum