Skip to main content
Unpublished Paper
The Rebirth of Dependence: Offering an Alternative Understanding of Financial Crisis
ExpressO (2012)
  • Ciara Hackett, Queen's University Belfast
Abstract

Dependency theory situated within the broader field of development studies draws on Marxist inspired theories of development and tends to oppose the neo-liberalism interpretation of the markets that is prevalent today. In considering the global system as a mixture of dependent relationships, it goes beyond inter-dependence, suggesting that such relationships are unequal.

The financial crisis of 2007 – 2010 has provided academics and commentators with a unique environment to debate, discuss and analyse our current understanding of the global financial system, the relationships within and the role of entities such as the multi-national corporation (MNC). This article takes dependency theory and expands on the basic premise, incorporating the processes of globalisation and thereby widening the application of the theory.

In doing this, this article presents an alternative assessment of the global system, and, by extension, the financial crisis. Considering the importance of the MNC and the class which oversee its activities, the article concludes that the global system is going through a transition - one in which capital exchanges have evolved beyond the national and federal approach, but where the new peripheries are attempting to regulate and legislate to oversee the activities of the core despite their limited autonomy.

Keywords
  • Financial Crisis,
  • Dependency,
  • Multi-National Organisations,
  • Underdevelopment
Disciplines
Publication Date
September 13, 2012
Citation Information
Ciara Hackett. "The Rebirth of Dependence: Offering an Alternative Understanding of Financial Crisis" ExpressO (2012)
Available at: http://works.bepress.com/ciara_hackett/1/