[Marxism] Fwd: Richard Wolff and the deepening crisis | Michael Roberts Blog

Shalva Eliava shalva.eliava at outlook.com
Fri Jun 3 15:51:21 MDT 2016

I think the only Marxist worth reading on the topic of capitalist crises is Howard Sherman. His research on the concrete, measurable nature of actual business cycles is much more illuminating than the unending debate between "underconsumptionists", "overaccumulationists", "profit-squeezers", and falling profit fundamentalists. 

> On Jun 3, 2016, at 2:16 PM, Ralph Johansen via Marxism <marxism at lists.csbs.utah.edu> wrote:
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>   Louis Proyect wrote
>   For Wolff, the “classic contradiction” of capitalism is that
>   capitalists “paid insufficient wages to enable workers to purchase
>   growing capitalist output” (p166). But the main contradiction, in my
>   view, lies not in ‘insufficient wages’ but in Marx’s law of the
>   tendency of the rate of profit to fall. This tendency can for
>   periods (sometimes long) be counteracted by more exploitation and
>   new technology, but it eventually operates to drive down
>   profitability and total profits, leading to a collapse in investment
>   and then incomes and employment.
>   This explanation is entirely missing in Wolff’s book. Wolff’s five
>   reasons for the Long Depression are true only because they describe
>   the nature of the current low-growth world, but the explanation lies
>   with continued low profitability (near post-war lows), a failure to
>   reduce debt levels and the failure of business investment to recover
>   as a result. It’s not too much cash and capacity but too little profit.
>   full:https://thenextrecession.wordpress.com/2016/06/02/richard-wolff-and-the-deepening-crisis/
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