August 14, 2011, 8:24 pm How do we understand the present crisis of capitalism? Can it be grasped theoretically using the categories of neo-liberal economics? What is the sound theoretical perspective that helps us understand the crisis? Of course there is no mono-causal theory of crisis since crises are invariably caused by multiple factors. The most pronounced and seemingly correct explanation of the crisis has been directed to what is generally called over-financialization. Referring to rioting youth in Tottenham, London, the Daily Mail called them "nihilistic and feral teenagers". Are the teenagers feral? Or, is it the capitalistic system as it has failed in the capitalistic West to provide a secure future for their young people? According to Professor Tony Chapman, only 49% of young people in the UK believe that they would have secure jobs in five years’ time. What have we witnessed since 2008? Credit rating of the USA was downgraded by the Standard & Poor fr...