A Critique of Crisis Theory
From a Marxist perspective
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January 6, 2022
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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
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Categories
Chattel slavery
(12)
Cuba
(5)
Direct Prices
(50)
Economics
(240)
Crisis Theory
(210)
Disproportionality
(26)
Falling Rate of Profit
(49)
Industrial Cycle
(167)
Average Prosperity
(26)
Boom
(75)
Depression
(94)
Recession
(83)
Long Cycle
(22)
Long Waves
(24)
Money
(183)
Credit Money
(87)
Money Material
(121)
Token Money
(101)
Profit of Enterprise
(71)
Profit Squeeze
(11)
Rate of Interest
(152)
Underconsumption
(33)
Quantitative Easing
(35)
Golden prices
(18)
Innovation
(7)
International Trade
(41)
Absolute advantage
(9)
Comparative advantage
(23)
Prices of Production
(80)
Russia
(22)
Secular stagnation
(22)
Soviet Union
(18)
Stagflation
(37)
Transformation Problem
(29)
Two-party system
(33)
U.S. empire
(52)
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