[Marxism] Marx's crisis theory

Ralph Johansen mdriscollrj at charter.net
Wed Apr 10 09:54:19 MDT 2013

Louis Proyect wrote

Just to repeat a point I once made about all this. How does the 
over-accumulation of capital relate to places like Nepal, Bolivia, 
Congo--for that matter where probably more than 60 percent of the 
world's population lives?
Certainly, it does relate, Lou. If the objective is to describe how the 
global economy functions, it might be summed up for so-called third 
world countries in the old expression, "When Uncle Sam sneezes, Mexico 
gets plural pneumonia." When profitability slumps as it has recently, or 
for that matter whenever, in the countries which host the major banks, 
European Central Bank, IMF, the World Bank and BIS, don't they take it 
out of the hides of places like Greece, Cyprus or any poorer country 
(Michael Roberts forecasts that Slovenia may be next)? And as Joan 
Robinson is supposed to have said, in effect, "There's only one thing 
worse for a poor country than being in the clutches of the IMF - NOT 
being etc." As to whether the peasant in the countries you mention is 
affected, that may depend on the extent to which that country is within 
the ambit of capital and to what extent it is still predominantly a non- 
or pre-capitalist peasant economy. And incidentally, in about 2010, for 
the first time in history more people were said to be living in urban 
areas, presumably where capital predominates, than were living in the 
rural countryside. Just in the current literature on all this, there's 
not only Harvey but also Panitch and Gindin's The Making of Global 
Capital as well as Prashad's The Poorer Nations.

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