Abstract

RIVERA RIOS, Miguel Ángel; LUJANO LOPEZ, José Benjamín; GARCIA VEIGA, Josué  and  ARAUJO LOREDO, Oscar Daniel. Epidemiological Crisis and Global Recession: Financialization Breakdown and the Great Leveling. Econ: teor. práct [online]. 2022, n.56, pp.41-65.  Epub Apr 25, 2022. ISSN 2448-7481.  https://doi.org/10.24275/etypuam/ne/562022/rivera.

The recession caused by the pandemic is the culmination of a period of instability that began with the 2001-02 crisis and aggravated by the 2007-08 crisis. The underlying problems remain unsolved, with excess capital and debt persisting. Covid-19 accelerated historical change, opening up the possibility of a great leveling, that is the redistribution of income and wealth through state intervention, to cover social losses. The dislocation produced by the viral crisis, paralysis and economic rescue can re-create this effect, although most decisive is the degree of preexisting vulnerability at the core of capital accumulation.

Keywords : Covid-19 Pandemic; global recession; overaccumulation of capital; Great Leveler; financialization.