Crisis (marxian): Difference between revisions
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== Local Edit == | == Local Edit == | ||
In [[Marxian economics]], '''crisis''' refers to what is called, even currently and outside Marxian theory in many European countries a "conjucture" or especially sharp bust cycle of the regular boom and bust pattern of capitalist development, which will if no countervailing action is taken , | In [[Marxian economics]], '''crisis''' refers to what is called, even currently and outside Marxian theory in many European countries a "conjucture" or especially sharp bust cycle of the regular [[boom and bust[[ pattern of what Marxist term "chaotic" capitalist development, which will if no [[John Maynard Keynes|countervailing action]] is taken, marks the transition to a [[recession]]. See for example [[1994 economic crisis in Mexico]], [[Argentine economic crisis (1999-2002)]], [[South American economic crisis of 2002]], [[Economic crisis of Cameroon]], [[Financial crisis of 2007–2009]], etc. | ||
A [[financial crisis]] may be a [[banking crisis]] or [[currency crisis]]. It is used as part of [[Marxian|Marxist]] [[political economy]], usually in the specific formulation of the '''crisis of capitalism'''. It refers to a period in which the normal reproduction of an economic process over time suffers from a temporary breakdown. This crisis period encourages intensified [[class conflict]] or [[societal change]] — or the revival of a more normal accumulation process. | A [[financial crisis]] may be a [[banking crisis]] or [[currency crisis]]. It is used as part of [[Marxian|Marxist]] [[political economy]], usually in the specific formulation of the '''crisis of capitalism'''. It refers to a period in which the normal reproduction of an economic process over time suffers from a temporary breakdown. This crisis period encourages intensified [[class conflict]] or [[societal change]] — or the revival of a more normal accumulation process. | ||
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* ''[[Full employment]] profit squeeze.'' Capital accumulation can pull up the demand for [[labor power]], raising wages. If wages rise "too high," it hurts the [[rate of profit]], causing a recession. | * ''[[Full employment]] profit squeeze.'' Capital accumulation can pull up the demand for [[labor power]], raising wages. If wages rise "too high," it hurts the [[rate of profit]], causing a recession. | ||
as well as pragmatic details of the historical development of capitalism such as the [[globalisation]] production, the willingness of financial capital to create bubbles of fictious capital not tied to actual production, etc. | as well as pragmatic details of the historical development of capitalism such as the [[globalisation]] of production, the willingness of financial capital to create bubbles of fictious capital not tied to actual production, the failure of capitalism to produce workers with skills in demand or to utilize same efficiently, etc. | ||
However, as stated above, all such factors resolve to | However, as stated above, all such factors resolve to the synthetic viewpoint that all such crises are crises of over and/or misappropriated production relative to the ability and/or willingness of the workers who generate the bulk of demand to consume. | ||
It is also a tenet of most orthodox Marxist that such crises are increasingly severe until the contradictions in the mismatch between the mode of production and the development of productive forces reaches the final point of failure. | |||
==See also== | ==See also== | ||
*[[Capital, Volume III]] | *[[Capital, Volume III]] | ||
