All three parts in one place for readers convenience: The Global Financial Crisis of 2007. A link to the published version in Express Tribune (which is unfortunately, mangled by editing)

Key idea here is that Financial Sector is non-productive. Increased Financial Sector Activity leads to increasing income inequality, as this is a means to channel money from productive sector to wealthy financiers. Research related to this idea is linked here.

FINANCE leads to INEQUALITY.

Part III: The New Millenium

Karl Marx was deeply moved by the plight of the exploited laborers in industrialized England in late nineteenth century. He theorized that the dynamics of capitalism would lead to increasing exploitation, until the laborers revolted against the system. After the revolution, the laborers would create a new economic and political system, which would be far more equitable than capitalism. This Marxist prophecy was wrong, but did contain one core truth: increasing exploitation of workers did lead to a breakdown of capitalism during the Great Depression. The same dynamic has repeated itself in creating the global financial crisis of 2008. This article explains the parallels.

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RELATED ARTICLES:

1. For a collection of writings presenting critiques of conventional economic theories, see: Guide to Economics.

2. Book Review of Why Capitalism by Meltzer, posted on Amazon.com

3. The Crisis in Economic Theory, article published in The News.

4. Flawed Theories and their Harmful Effects. Draft of an article, under preparation.

5. Failures of the Invisible Hand. article submitted to JPKE

6. Critiques of Economic Theories - a list of references with different types of critiques of current economic theories.