more capital assets are created than are invested in production, one cannot explain economic crises simply in terms of disproportionalities in the sphere of production; one has to look at the process of capital accumulation as a whole, which includes the financial system, non-productive assets, and real estate. This becomes particularly important when large debt crises occur. These debt crises signal that serious misallocations of capital have occurred, which impact negatively on economic reproduction. Financialization theories. A third, more recent interpretation is that the reproduction process (both the material reproduction processes and the reproduction of capital) has become completely dominated by capital finance. Hence, to explain economic crises, critical disproportions between the developments of branches of production, or unutilized capacity ought to be viewed as emerging out of specific financial and monetary regimes pursued by financial institutions and the state. The large funds commanded by these organizations are thought to shape the whole character of the reproduction process. As analysts like Michael Hudson like to point out, ordinary consumers in developed countries today have little in common anymore with how economists portray them in their models, because in reality consumers are using the majority of what they earn to pay interest, premiums, rent and debt principal to the financial industry (finance, insurance and real estate). Consumers spend less than a quarter or less than 20% of their earnings on actual goods and services. Just as Marx noted a progression from natural economy to a "money-economy" and then a "credit economy", it is argued that the reproduction process has now become dominated by the supply, demand, or withdrawal of credit-money. However, there is much theoretical controversy about exactly how the relationship between the "real economy" (the direct involvement with the production and consumption of goods and services) and the "financial economy" (the circuit of trade in financial claims) should be understood. There is not much consensus about the effects of different financial policies by government and business on the economy, or how one could prove what the effects are. Arguably, much of the confusion in the debates about economic reproduction is attributable to two basic errors: Definition of capitalism. Scholars often confuse Marx's idea about what is required for the reproduction of the capitalist mode of production (bringing together the factors of production to make money) with what is required for the reproduction of capitalist society as a whole. Abstractly, it