A Retrospective Reflection After 142 Years

The subprime crisis initiated in the USA in 2007 became an extensive financial crisis in a short period, which swept the globe in an incredible way and power. Although with the concerted efforts and urgen remedial measures adopted by the countries all over the world, the global economy managed to turn upward after a moderate recession period, the crisis'aftermath is far from ending. Besides the material changes brought by the financial crisis to the pathes of economic growth, the crisis also aroused a heated debate and conflict in the ideological domain.The neo-liberalism and the corresponding economic development models embraced by the western countries for a long period was under widespread, intensive questioning because of the crisis. The fundamental problems of the capitalism was exposed in a new operational mode. The shocks brought by the financial crisis seem to be beyond what the traditional market economics theory can explain. However, the financial crisis does not outreach the theoretical logics of Marx about economic crisis.The mainstream views of the western economics have contended that the capitalist market economy is the most efficient and plausible way to organize the economy. Therefore, an overall financial crisis will not happen with capitalist market. Even a local financial crisis is a policy or behavioral accident.The Marxism does not deny that incidental errors may cause crisis. However, it argues that there exists inevitable causal relationship among these incidental factors. In fact, the crisis is an outbreak of the fundamental problems of the capitalist economy. It reflects the deep contraindications with the liberalization and financialization resulting from the neo-liberalism. It is a forced settlement of the problems when the capitalism develops into a new stage.