[Marxism] Michael Heinrich on Marx's Crisis Theory
fuerdenkommunismus at yahoo.com
Sun Apr 7 23:49:10 MDT 2013
Hopefully this will lead to some interesting debates. Among other things, Heinrich argues against the so-called "law" of the tendency of the rate of profit to fall.
From the April issue of Monthly Review:
Crisis Theory, the Law of the Tendency of the Profit Rate to Fall, and Marx’s Studies in the 1870s
The development of crisis theory within the Marxian tradition has been central to much of our work in the last several years. The view that the various fragmentary references to crisis theory in the three volumes of Capital constitute a fully developed coherent structure, which only requires diligent exegesis, is a view that has never seemed sensible to us.
Recent research into the evolution of Marx’s manuscripts in connection with the production of the Marx-Engels-Gesamtausgabe (MEGA), the historical-critical edition of the complete writings of Karl Marx and Friedrich Engels, has confirmed our understanding in a very exciting way. It is now clear that Marx never ceased to develop his thinking on the phenomena of crises in capitalism, and never ceased to discard earlier formulations; for example, at the end of his life he was focused on questions of credit and crisis. Monthly Review rarely presents its readers with discussions of economic theory at a relatively high degree of abstraction; this, however, is such an occasion. We trust that the author’s exemplary clarity will permit ready access to readers with any degree of interest in Marx’s theory; for those who wish to become familiar with the conceptual outline of Marx’s work, we cannot do better than to recommend the author’s An Introduction to
the Three Volumes of Karl Marx’s Capital (Monthly Review Press, 2012). —The Editors
Full article: http://monthlyreview.org/2013/04/01/crisis-theory-the-law-of-the-tendency-of-the-profit-rate-to-fall-and-marxs-studies-in-the-1870s
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