Marx and the crisis
Bibliographic Data
| ID | 3833238 |
|---|---|
| Authors | Nick Potts (0000-0002-7897-8522, Southampton Solent University, corresponding author) |
| Year | 2011 |
| Volume | 35 |
| Issue | 3 |
| Pages | 455-473 |
| Publication date | 2011-10-01 |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Capital & Class (JOURNAL) |
| Journal identifiers | ISSN: 0309-8168 • E-ISSN: 2041-0980 |
| Publisher | SAGE Publications Inc (PUBLISHER) |
| DOI | 10.1177/0309816811419483 |
| OpenAlex | W1975441688 |
| Language | EN |
| Citations received | 6 |
| References cited | 35 |
This paper argues that Marx's economics leads us to a deeper understanding of our current crisis than do either mainstream, Keynesian or 'mainstream Marxist' economics. First, Marx explains how a tendency for the rate of profit to fall in boom manifests in the generation and speculative investment of 'surplus' capital in the financial system/fictitious capital, providing a tendential basis for, rather than an accidental account of, financial bubbles/crises. Secondly, Marx's understanding that crisis is absolutely necessary to restore the profit rate, and so return the economy to boom, explains why developed countries' governments' attempts to postpone or limit crises since the 1970s have merely prevented a decisive enough crisis to restore the profit rate. Persistently low profitability has simply caused the world economy to stagnate, with persistently surplus capital taking many disruptive, adventurous paths. Finally, I consider how Marx's identification of when lending is 'lending', and when it is simply 'usury', can help us understand how the nature of the financial system has changed over the last forty years
Capital accumulation · Capitalism · Economics · Financial crisis · Financialization · Keynesian economics · Mainstream · Market economy · Marxist philosophy · Monetary economics · Neoclassical economics · Rate of profit · Economic Theory and Institutions · Economic Theory and Policy · Law · Political Economy and Marxism
Karl Marx and the Close of His System
The theory of capitalist development
Theories of surplus value
Understanding Capital
Marx after Sraffa
A value-theoretic critique of the Okishio theorem
The psychopathology of Walrasian Marxism
Response to Freeman and Kliman
Vulgar economy in Marxian garb
Value and the World Economy Today
The transformation of values into prices of production
Theories of Surplus Value
Capital
Marx and Non-equilibrium Economics
Value and price in the Marxian system
Reclaiming Marx's “Capital”
Simultaneous valuation vs. the exploitation theory of profit
Replicating Marx
The incoherence of the TSSI
From Okishio to Marx through dialectics
The transformation non-problem and the non-transformation problem
On the TSSI and the exploitation theory of profit
The disintegration of the Marxian school
Henryk Grossmann on Marx's Wage Theory and the "Increasing Misery" Controversy
Simultaneous Valuation vs. the Exploitation Theory of Profit
| Citations per year | 0.46 |
|---|---|
| Citation span | 2013 - 2022 (10) |
| Highly cited | No |