schumpeter help

donna jones djones at
Wed Aug 24 05:59:14 MDT 1994

I would still be happy to receive some comments or citations on how to
study the impact of modern science and technology on the value-determined
capitalist production process.  Does capitalistically endogeneous technical
change modify or destroy the objectivist or fundamentalist theory of the
law of accumulation and breakdown of the capitalist system?

Also what do people think of the critique of subjectivist or, more
precisely, psychological theories of crisis." As capitalist production is
the *production of capital* via the production of commodities, a lack of
new investments can only have one cause, namely, the fear that such
investments may prove to be unprofitable and therefore senseless.  This
fear is not a psychological phenomenon but derives directly from the fact
that the rate of profit on the functioning capital already shows a strong
tendency to decline."(Mattick Sr, 1983, 133)

I tried to indicate that Schumpeter provided an interesting psychological
theory of why the bourgeoisie may be less willing over time to undertake
potentially profitable investments and engage in mere short-term,
speculative behavior--what anti-labor Secretary Robert Reich has called
paper entrpreneurialism, business reporter Joel Kurtzman has called the
death of money, and Nicholas von Hoffmann  dubbed Capitalist Fools.  How
would marxists explain the oft-noted surge in speculative, short term

  If Marx said that all schools of political economy could be defined by
how they attempted to explain the mystery of the falling profit rate--the
pons asinorum (sp?) of all previous economics--then Schumpeter attempted to
commence a new school with his socio-pscyhological theory of decline, based
on the progressive subjective weaknesses of the bourgeoisie.  I believe
that Schumpeter is at the center of contemporary right wing ideology and
that his "theory" has affected both propaganda and policy. Spencer Pack has
traced Schumpeter's influence to George Gilder.

So far, I have found the following marxist or radical critiques of
Schumpeter: M Gottlieb, John B Foster, Amiya Bagchi, Horace Davis, Bernard
Semmel, H Grossmann, G Catephores, R Bellofiore.  I would appreciate any
bibliographical help.  I am looking for radical critiques of Business
Cycles and Capitalism, Socialism and Democracy in particular anything about
Marx/Schumpeter.  Of course, I recommend Grossmann's which has been
completely ignored.  It appeared (in English) in the Zeitschrift fur
Sozialforschung 1941.  Thanks.
d jones


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