Examining the Role of the Principles and Relations Governing Capitalist Economy in the Emergence and Expansion of Economic Fluctuations
Abstract
Economic fluctuations, which primarily have adverse and detrimental consequences, are considered one of the main characteristics of market-based economies. In economic literature, such fluctuations are referred to as business cycles. The phenomenon of business cycles, which essentially represents the deviation of production from full employment conditions or the long-term production trend, is one of the most debated topics in macroeconomics. Various schools of thought and economic theorists have proposed different perspectives regarding the origins and causes of economic fluctuations. From Marxist and Keynesian viewpoints to Monetarist and Real Business Cycle (RBC) theories, each has sought to identify and analyze the causes and underlying factors of economic fluctuations and crises in the capitalist system.This study, conducted using a descriptive-analytical approach, aims to explain the role of principles and relations governing capitalist economy in the emergence and expansion of economic fluctuations. The findings of the research indicate that factors such as economic liberalism, profit-driven motives, financialization and reliance on non-real values, monopolization, and inequality have significantly contributed to the intensification of fluctuations, sometimes even leading to economic crises.
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DOI: http://dx.doi.org/10.18415/ijmmu.v12i6.6847
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