Reproduction and Crisis in Capitalist Economies

Bibliographic Data

ID23592014
AuthorsDeepankar Basu (0000-0001-5340-0524, University of Massachusetts Boston, corresponding author)
Year2018
Pages279-298
Publication date2018-12-11
Peer ReviewedYes
Open AccessNo
TypeCHAPTER
VenueThe Oxford Handbook of Karl Marx (SOURCE_BOOK)
PublisherOxford University Press (PUBLISHER • GB)
DOI10.1093/oxfordhb/9780190695545.013.14
OpenAlexW2918165303
ISBN9780190695545
LanguageEN
Citations received2
References cited12

An economic crisis in capitalism is a deep and prolonged interruption of the economy-wide circuit of capital. Crises emerge from within the logic of capitalism’s operation, and are manifestations of the inherently contradictory process of capital accumulation. The Marxist tradition conceptualizes two types of crisis tendencies in capitalism: a crisis of deficient surplus value and a crisis of excess surplus value. Two mechanisms that become important in crises of deficient surplus value are the rising organic composition of capital and the profit squeeze: two mechanisms that are salient in crises of excess surplus value are problems of insufficient aggregate demand and increased financial fragility. This chapter offers a synthetic and synoptic account of the Marxist literature on capitalist crisis.

Capital (architecture) · Capital accumulation · Capitalism · Economic system · Economics · Economy · Financial crisis · Keynesian economics · Market economy · Marxist philosophy · Neoclassical economics · Political science · Profit (economics) · Rate of profit · Surplus value · Value (mathematics) · Economic Theory and Institutions · Economic Theory and Policy · Political Economy and Marxism

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