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A Critique of Crisis Theory

From a Marxist perspective

Month: October 2021

Postponed

Due to the passing of editor Jon Britton, our upcoming blog post will be delayed.

critiqueofcrisistheory Economics 4 Comments October 16, 2021 1 Minute

Categories

  • Economics (303)
  • Money (184)
  • Crisis Theory (161)
  • Industrial Cycle (161)
  • Rate of Interest (155)

Tags

  • economist John Maynard Keynes (42)
  • unemployment (41)
  • crisis theory (39)
  • economic crises (36)
  • economic stagnation (34)

Year

  • 2023 (12)
  • 2022 (27)
  • 2021 (21)
  • 2020 (41)
  • 2019 (26)
  • About Me and This Blog
  • The Problem: Marx Didn't Leave Us a Completed Crisis Theory
  • Crisis Theories: Underconsumption
    • Unconsumption (cont'd)
  • Crisis Theories: Profit Squeeze
  • Crisis Theories: Falling Rate of Profit
    • Falling Rate of Profit (cont'd)
  • Crisis Theories: Disproportionality
    • Disproportionality (pt 2)
    • Disproportionality (pt 3)
  • Money as the Universal Equivalent
  • From Money as Universal Equivalent to Money as Currency
  • Money as a Means of Payment
  • The Rate of Interest and the Profit of Enterprise
  • The Phases of the Industrial Cycle
    • The Phases of the Industrial Cycle (pt 2)
    • The Phases of the Industrial Cycle (pt 3)
    • The Phases of the Industrial Cycle (pt 4)
  • Ricardo's Theory of International Trade
  • A Reply to 'Anonymous' on Gold's Monetary Role Today
  • Ricardo's Theories Challenged by the Crises of 1825 and 1837
  • The Ideas of John Maynard Keynes
    • The Ideas of John Maynard Keynes (pt 2)
    • The Ideas of John Maynard Keynes (pt 3)
    • The Ideas of John Maynard Keynes (pt 4)
    • The Ideas of John Maynard Keynes (pt 5)
    • The Ideas of John Maynard Keynes (pt 6)
  • Reply to a Comment and Question Regarding 'Socially Necessary Labor'
  • Does Capitalist Production Have a Long Cycle?
    • Does Capitalist Production Have a Long Cycle? (pt 2)
    • Does Capitalist Production Have a Long Cycle? (pt 4)
    • Does Capitalist Production Have a Long Cycle? (pt 3)
    • Does Capitalist Production Have a Long Cycle? (pt 5)
    • Does Capitalist Production Have a Long Cycle? (pt 6)
    • Does Capitalist Production Have a Long Cycle? (pt 7)
    • Does Capitalist Production Have a Long Cycle? (pt 8)
    • Does Capitalist Production Have a Long Cycle? (pt 9)
    • Does Capitalist Production Have a Long Cycle? (pt 10)
  • The Five Industrial Cycles Since 1945
    • The U.S. Economy in the Wake of the Economic Crisis of 1957-61
    • The Industrial Cycle and the Collapse of the Gold Pool in March 1968
    • From the 1974-75 Recession to the 'Volcker Shock'
    • Reagan Reaction and the 'Great Moderation'
    • From the Dollar-Gold Exchange System to the Dollar System
    • The Dollar Empire and the 'Great Moderation'
  • The 'Long Cycle'—Summary and Conclusions
  • Historical Materialism and the Inevitable End of Capitalism
    • Economic Crises, the 'Breakdown Theory' and the Struggle Against Revisionism in the German Social Democracy
    • Otto Bauer's Answer to Rosa Luxemburg
    • Can the World Market Ever Become Exhausted?
    • Factors that Limit the Life Span of the Capitalist System
  • Responses to Readers — Austrian Economics Versus Marxism
    • Why Prices Rise Above Labor Values During a Boom
    • Gibson's Paradox, the Gold Standard and the Nature and Origin of Surplus Value
    • Gold Bullion, Jewelry, and the Monetary and Non-Monetary Uses of Gold
    • Value Theory, the Transformation Problem and Crisis Theory
    • The Monthly Review School
    • Paul Volcker's Banking Reform Proposals and Socialist Revolution
    • Financialization and Marx — Pt 1. Do Skilled Workers Own 'Human Capital'?
      • Pt 2. Can the Capitalists Share Surplus Value with the Working Class?
      • Pt 3. Class and Financialization
    • Productive Versus Unproductive Labor
    • The Greek Workers Show the Way
    • More on Productive and Unproductive Labor
    • Can Gold Ever Be Overproduced?
    • A New Gold Standard?
    • Why Capitalism Requires Expanded Reproduction
    • Notice of New Schedule and eBook Project
    • Andrew Kliman and the 'Neo-Ricardian' Attack on Marxism, Pt 1
    • Notice to Readers
    • Andrew Kliman and the 'Neo-Ricardian' Attack on Marxism, Pt 2
    • Bichler, Nitzan and Hudson versus Marx
    • Are Keynes and Marx Compatible?
      • Are Keynes and Marx Compatible? Pt 2
      • Are Marx and Keynes Compatible? Pt 3
      • Are Marx and Keynes Compatible? Pt 4
      • Are Marx and Keynes Compatible? Pt 5
      • Are Marx and Keynes Compatible? Pt 6
      • Are Marx and Keynes Compatible? Pt 7
      • Are Marx and Keynes Compatible? Pt 8
      • Are Marx and Keynes Compatible? Pt 9
    • A New Imperialist War
    • Is the Economic Crisis Over?
    • A Keynesian Takes on Karl Marx
    • Dean Baker on the Price of Oil
    • The Oil Reserve Sales and Stagflation
    • Crises Real and Artificial, and Why a New 'New Deal' is Not Feasible
    • World Trade and the False Theory of Comparative Advantage
    • The Bloody Rise of the Dollar System
    • The Federal Reserve System, Its History and Function, Part 1
    • The Federal Reserve System, Its History and Function, Part 2
    • The American Empire and the Evolution of the International Monetary System
    • Europe's Decline and Its Sovereign Debt and Currency Crisis
    • Empire, Revolution and Counterrevolution
    • 'The Failure of Capitalist Production' by Andrew Kliman — Part 1
    • 'The Failure of Capitalist Production’ by Andrew Kliman — Part 2
    • 'The Failure of Capitalist Production’ by Andrew Kliman — Part 3
    • A Reply to Comments by Andrew Kliman and Doug Henwood
    • Greek Election Signals New Stage in Social and Economic Crisis
    • Gold as Money and the Role of the National Question in the Current Crisis
    • Capitalism and 'High Tech'
  • The 'Implications' of Paul Baran
    • The 'Implications' of Paul Baran, Pt 2
    • The 'Implications' of Paul Baran, Pt 3
  • The September 2012 Unemployment Numbers and the 'Surplus Population'
  • Obama's Re-election and the 'Fiscal Cliff' Fraud
  • A Major Attack on Labor Rights in the U.S. as the Federal Reserve Makes Another Inflationary Move
  • Behind the Austerity Drive
  • Economic Stagnation, Mass Unemployment, Budget Deficits and the Industrial Cycle
  • Update on Status of eBook
  • Can the Capitalist State Ensure 'Full Employment' by Providing a Replacement Market?
  • Monetary crisis in Cyprus and the ghost of 1931
  • John Bellamy Foster's Latest Attempt To Reconcile Marx and Kalecki
  • Bitcoins and Monetary Reform in the Digital Age
  • Michael Heinrich's 'New Reading' of Marx—A Critique, Pt 1
    • Michael Heinrich's 'New Reading' of Marx—A Critique, Pt 2
    • Michael Heinrich's 'New Reading' of Marx—A Critique, Pt 3
    • Michael Heinrich's 'New Reading' of Marx—A Critique, Pt 4
  • Some Observations on 'Obamacare' and the NSA Spying Scandal
  • Change of Guard at the Fed, the Specter of 'Secular Stagnation,' and Some Questions of Monetary Theory
  • The Fed Tapers as Yellen Prepares to Take Over, and the Unemployed Get Screwed Over
  • Big Challenges Facing Janet Yellen
  • Capitalist Anarchy, Climatic Anarchy, Ukraine and New Threats of War and Fascism
  • Money, wage-labor and Marx's 'Critique of the Gotha Program'
  • Is Russia Imperialist?
  • Low-Wage Workers of the World, Unite!
  • World War I—Its Causes and Consequences (pt 1)
    • World War I—Its Causes and Consequences (pt 2)
    • World War I—Its Causes and Consequences (Pt 3)
    • World War I—Its Causes and Consequences (Pt 4)
  • The Marxist Theory of Ground Rent (Pt 1)
    • The Marxist Theory of Ground Rent (Pt 2)
  • Russia, Oil, the 'Strong Dollar' and the Economic Conjuncture
  • David Harvey, Michael Roberts, Michael Heinrich and the Crisis Theory Debate
  • Update on Status of eBook
  • Che Guevara and Marx's Law of Labor Value
    • Che Guevara and Marx's Law of Labor Value (Pt 2)
    • Che Guevara and Marx's Law of Labor Value (Pt 3)
  • Capitalist Economists Debate 'Secular Stagnation'
    • Capitalist Economists Debate 'Secular Stagnation' (Pt 2)
    • Capitalist Economists Debate 'Secular Stagnation' (Pt 3)
    • Capitalist Economists Debate 'Secular Stagnation' (Pt 4)
    • Capitalist Economists Debate 'Secular Stagnation' (Pt 5)
  • Crisis in Greece Only the Tip of the Iceberg
  • Germany and the U.S. Empire (Pt. 1)
    • Germany and the U.S. Empire (Pt. 2)
    • Germany and the U.S. Empire (Pt. 3)
    • Germany and the U.S. Empire (Pt. 4)
    • Germany and the U.S. Empire (Pt. 5)
  • The U.S. Elections and the Decline of Empire
    • Can Donald Trump Become the Next U.S. President?
    • Origins of the U.S. Two-Party System
    • U.S. Two-Party System After Defeat of the Slaveholders' Rebellion
    • The U.S. Two-Party System and Proto-Fascist Trends in the 1930s
    • The Early Cold War and the Two-Party System
    • Some Observations on the Democratic and Republican Conventions
    • The U.S. Two-Party System After Trump
    • Donald Trump, the New Political Chief of Capitalist Society
    • Prospects for the Economy Under Trump
    • Trump and the Resurgence of Imperialist Economic Nationalism
  • Three Books on Marxist Political Economy
    • Three Books on Marxist Political Economy (Pt 2)
    • Three Books on Marxist Political Economy (Pt 3)
    • Three Books on Marxist Political Economy (Pt 4)
    • Three Books on Marxist Political Economy (Pt 5)
    • Three Books on Marxist Political Economy (Pt 6)
    • Three Books on Marxist Political Economy (Pt 7)
    • Three Books on Marxist Political Economy (Pt 8)
    • Three Books on Marxist Political Economy (Pt 9)
    • Three Books on Marxist Political Economy (Pt 10)
    • Three Books on Marxist Political Economy (Pt 11)
    • Three Books on Marxist Political Economy (Pt 12)
    • Three Books on Marxist Political Economy (Pt 13)
    • Three Books on Marxist Political Economy (Pt 14)
    • Three Books on Marxist Political Economy (Pt 15)
    • Three Books on Marxist Political Economy (Pt 16)
    • Three Books on Marxist Political Economy (Pt 17)
  • The Current U.S. Economic Boom in Historical Perspective (Pt 1)
    • The Current U.S. Economic Boom in Historical Perspective (Pt 2)
  • Modern Money
    • Modern Money (pt 2)
    • Modern Money (Pt 3)
    • Modern Money (Pt 4)
    • Modern Money (Pt 5)
  • Political and Economic Crises
    • Political and Economic Crises (Pt 2)
    • Political and Economic Crises (Pt 3)
    • Political and Economic Crises (Pt 4)
    • Political and Economic Crises (Pt 5)
    • Political and Economic Crises (Pt 6)
    • Political and Economic Crises (Pt 7)
    • Political and Economic Crises (Pt 8)
    • Political and Economic Crises (Pt 9)
    • Political and Economic Crises (Pt 10)
    • Political and Economic Crises (Pt 11)
    • Political and Economic Crises (Pt 12)
    • Political and Economic Crises (Pt 13)
    • Political and Economic Crises (Pt 14)
    • Political and Economic Crises (Pt 15)
    • Political and Economic Crises (Pt 16)
  • The Crisis (Pt 1)
    • The Crisis (Pt 2)
    • The Crisis (Pt 3)
    • The Crisis (Pt 4)
    • The Crisis (Pt 5)
    • The Crisis (Pt 6)
    • The Crisis (Pt 7)
    • The Crisis (Pt 8)
    • The Crisis (Pt 9)
    • The Crisis (Pt 10)
    • The Crisis (Pt 11)
  • The Current Industrial Cycle (Pt 1)
    • My rant in place of the regularly scheduled post
    • The Current Industrial Cycle (Pt 2)
    • The Current Industrial Cycle (Pt 3)
  • The U.S. Election and People’s Front Politics
  • Trump Loses, Party of Order Wins
  • The End of the Trump Era
  • The Putsch of January 6, 2021
  • The abortive 18th Brumaire of Donald John Trump
  • The Second Trump Impeachment Trial
  • Commodity Money Versus Non-Commodity Money
  • Putting monopoly super-profits over human lives
  • Analyzing Currency Circulation
    • The Federal Reserve’s Open Market Committee Meets
    • A Return to Austerity
  • Biden, ‘Sanctions’, Blockades, and Imperialism
  • Afghanistan – Past, Present and Future, a Marxist Analysis
  • Jon Britton 1939-2021
  • COVID’s Long Economic Shadow
  • Perfect Competition
  • Ukrainian War
  • Global Economic and Financial War Erupts
  • Economic Prospects
  • Comparative Advantage, Monopoly, Money, John Maynard Keynes, and Anwar Shaikh
  • The Fed Meets and Congress Investigates January 6
  • Money and Anwar Shaikh
  • Fighting Bonapartism by Bonapartist Methods
  • World Trade
  • The Dollar System Shows its Fangs
  • Election Results
  • 2022: COVID aftermath boom, overproduction, crypto downfall
  • The Economic Outlook for 2023
  • Where is the U.S. Economy Going?
  • The New Banking Crisis
  • Trump Charged
  • The Phony Crisis, the Real Crisis, and the Whip of Hunger

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