ABSTRACT. The lecture attempts to understand the relationship between recurrent crises and capitalist development in the Third World context. It focuses on the dynamics of the current global crisis and provide a survey of opposing responses to it. Four interrelated themes are addressed.
First, we discuss the constitutive role and functional character of crises in the evolution of neo-liberalism in particular and in capitalist reproduction in general.
Second, we investigate the mechanisms by which financial crises recur by highlighting the structure-agency dynamics in finance capitalism; specifically, the structural tendency of financial markets to disintegrate that has been exacerbated by misbehaviour of economic agents.
Third, we look at crisis responses from opposing ideological positions - from multilaterals to regional organisations to global civil society.
And fourth, we examine the tendencies of the global crisis vis-à-vis the strengthening and even the acceleration of emergent authoritarian liberalism in East and Southeast Asia and of imperialism and positive/negative nationalism redux in Europe and the USA despite and because of the global crisis.
In the final analysis, the lecture reflects upon the implications of the current debates, responses, and effects of the global crisis for Third World development.