Reevaluation of James O'Connor's Theory of Fiscal Crisis in Capitalist Countries
As the debt problems in Western countries are increasingly serious,James O'Connor's theory of fiscal crisis in capitalist countries has once again received attention.This article comprehensively examines the relevant definitions and theoretical logic proposed by James O'Connor and points out the gap between this theory and reality based on historical data.It is believed that the reason for the gap lies in the fact that this theory ignores the role of currency in the fiscal crisis of the state.Similar to mainstream Western economics,James O'Connor's theory does not distinguish between sovereign currency countries and non-sovereign cur-rency countries,as well as between national and household budgets.The changes in contemporary capitalist monetary systems and monetary systems have deprived the reality foundation of this theory.James O'Connor's theoretical errors even fueled neoliberalism,further influencing the progressive policy agenda of Western left-wing parties.This has warning significance for China's economic development and policy direction.
James O'ConnorFiscal Crisis of the StateSovereign Currency
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