ABSTRACT

In this paper we dwell on the post-2009 crisis episode of the global economy and discuss how the legitemacy of global capitalism had been undermined. We argue that the crisis had questioned the solvency of many financial institutions including some banks, necessitating a massive bail-out, which included bank recapitalization financed with tax payer’s money. Yet, this focus on the financial sector’s survival did little to address the massive slowdown in the retail market, the services sector and real estate in the financial centres of the world. This brings us to confront the questions of systemic legitimacy