How to apply Uno theory to contemporary capitalism in multiple crises

Abstract

Starting with characterization of Uno theory, this article reviews representative works to apply Uno's theory of economic crises based on Marx to contemporary capitalism after World War I in three distinctive periods: first, the 30 years of interwar period including the worldwide Great Depression after 1929; second, the post-World War II period of high economic growth continuing until the beginning of the 1970s without serious economic crisis; and, third, the inflationary crisis of 1973–1975, and repetitive financial collapses in the neoliberal capitalist period since the 1980s, including the subprime world economic crisis in 2007–2008. Historical meaning and limitations of neoliberal capitalism are thus reconsidered from a theoretical view on fundamental contradictions immanent in capitalist market economy.