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The aim of this article is to discuss the crisis of global capitalism initiated in 2007, emphasizing the role of the periphery of the system in this process. Although the epicenter of the crisis has been the US, the hegemonic center of capitalism, peripheral countries have been growing in importance in the dynamics of capital accumulation in recent decades. The driver of the analysis is the behavior of the rate of profit, a variable that synthesizes multiple determinants and controls the accumulation process. We approach the question from a historical perspective. We defend the thesis according to which the current crisis can only be understood in the wake of the transformations that occurred in capitalism as a response to the structural crisis of the 1970s. Among these transformations, which aimed to respond to the decline of the profitability and the intensification of the class struggle, we highlight the swelling of the financial sphere that accompanied by growing indebtedness and speculative bubbles, intensified the instability of the system and the opening up of the accumulation spaces in Asia, which have expanded in an articulated way with the American economy. The new configuration of the system created the conditions for the predominance of financial capital in the phase of globalization of capital. These processes prevented the world economy from going into deep depression from that time on and sustained, to a large extent, the accumulation of capital. The current crisis calls into question this pattern of development and the ability of the U.S. to remain as hegemonic capitalism center.

A crise do capitalismo global: bolhas especulativas e os novos espaços de acumulação na periferia