[Marxism] Fwd: Jack Rasmus and systemic fragility | Michael Roberts Blog
lnp3 at panix.com
Mon Apr 18 06:11:31 MDT 2016
The Marxists (called the ‘Mechanical Marxists’ by Rasmus) also fall
short because they see crises as originating in the ‘real economy’, in
production through weakening profitability. They fail to see that
crises now originate in the financial/credit sector and flow into
production, not vice versa. “Marxists should focus more on investment,
aka capital accumulation, and not on the determinants of investment.
Investment/capital accumulation is the crux of Marx’s analysis, not the
FROP.” (EFR) Indeed, modern Marxists have fallen behind Marx himself,
who in his later years began to argue that the credit/financial system
was key to crises rather than the level or movement of the profitability
of capital in production.
As a ‘Mechanical Marxist’ myself, I would beg to differ. In my view,
Marx did not change from his view that the law of the tendency of the
rate of profit to fall was “the most important law of political
economy”, contrary to the views of German Marxist Michael Heinrich,
which Rasmus seems to accept.
More information about the Marxism