Theory of Crisis

[Victus Mortium]

Unfortunately, Marx never left us a cohesive, unified, full theory of economic crisis, only bits and pieces of a theory that was to be finished later. Some people advocate strictly an overproduction theory, others advocate a theory based on the falling rate of profit, both of which Marx mentioned in his Das Kapital 1-3. Others (such as Ernest Mandel) have suggested a unification of the two theories and such. What do you understand to be the best, or most logical, theory of crisis. Please present empirical evidence (and possibly further reading?) on your thoughts.

[Ferryman 5]

Sounds like a school essay question. Is it
I have never thought of the two aspects of Marxist theory you mention as being in anyway separate from each other.

As I understand things, the crucial point about ‘overproduction’ is the ‘overproduction’ of CAPITAL itself, which can find fewer profitable places to be invested and so = ‘declining rate of profit’.

Witness the current “economic crisis”.

[gilhyle]

Read Simon Clarke's book

[Die Neue Zeit]

Unfortunately, Marx never left us a cohesive, unified, full theory of economic crisis, only bits and pieces of a theory that was to be finished later. Some people advocate strictly an overproduction theory, others advocate a theory based on the falling rate of profit, both of which Marx mentioned in his Das Kapital 1-3. Others (such as Ernest Mandel) have suggested a unification of the two theories and such. What do you understand to be the best, or most logical, theory of crisis. Please present empirical evidence (and possibly further reading?) on your thoughts.

I don't have much to contribute, but I'm very surprised that NOBODY has popped in a humorous remark by pulling off a "poverty of philosophy"-type remark by referring to crises of theory. :D

[Ferryman 5]

Read Simon Clarke's book
Of all the books on Marx, why do you say this book should be read?

[gilhyle]

I thought it went through Marx's own writings quite comprehensively and didnt come to easy solutions....gets a bit weaker as it goes on, but you wont get a more comprehensive survey of the options in one readable book - I think

[Ferryman 5]

Cheers I’ll have a look for that.