Understanding the Great Recession: In Search of Alternative Interpretations

This study suggests an alternative interpretation of the crisis of 2007- 2008 that is described as ‘Great Recession’ to understand the inner dynamics of the crisis by opposing the form of casual relationships in academic literature. This proposal is embodied in David Harvey’s claim that “the manner of exit from one crisis contains within itself the seeds of crises to come”. This study, which challenges the optimistic belief of the mainstream economics that crisis is not inherent in the capitalist system, addresses to broaden the context of the crisis. This preference arises from the fact that discovering the roots of the crisis is not only for understanding the moment of the crisis, but also for perceiving it as an area for postcrisis period. In this respect, the study first deals with mainstream economics, then conceptualizes alternative and critical approaches in a contemporary context. Furthermore, this study focuses on recent developments in the literature and embodies alternative approaches, such as “buying time”, “delayed crisis”, and “global Minotauros”. The study, having drawn inspiration from the conception of Gramscian interregnum, ends with an emphasis on challenging contradictions and using them creatively as a fecund source