Crisis (marxian): Difference between revisions
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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. | ||
In Marxist terms, all such crises are crises of overproduction and immiseration of the workers who were it not for the distribution of wealth based on the capitalist order would be able to absorb any demand. Indeed it is predicative of a democratic socialist [[planned economy]] that production and consumption are, at least with current technical capability, in sync. Marx in his many works (published and unpublished) suggested several different theories, none of them free from controversy to explain how this worked out in particular circumstances. In his mature work his [[Crisis theory| theory of crisis]] is framed as a ''Law of Tendency for the Rate of Profit to Fall'' combined with a discussion of various counter tendencies, which may slow or modify it’s impact. A key characteristic of these theories is that none of them are natural or accidental in origin but instead arise from | In Marxist terms, all such crises are crises of overproduction and immiseration of the workers who were it not for the distribution of wealth based on the capitalist order would be able to absorb any demand. Indeed it is predicative of a democratic socialist [[planned economy]] that production and consumption are, at least with current technical capability, in sync. Marx in his many works (published and unpublished) suggested several different theories, none of them free from controversy to explain how this worked out in particular circumstances. In his mature work his [[Crisis theory| theory of crisis]] is framed as a ''Law of Tendency for the Rate of Profit to Fall'' combined with a discussion of various counter tendencies, which may slow or modify it’s impact. A key characteristic of these theories is that none of them are natural or accidental in origin but instead arise from system elements of capitalism as a [[mode of production]] and [[Base and superstructure|basic]] [[social order]]. In Marx's words, "The ''real barrier'' of capitalist production is ''capital itself''.<ref>"[http://www.marxists.org/archive/marx/works/1894-c3/ch15.htm]". marxists.org</ref> | ||
These | These systemic elements include the classical 3: | ||
* ''The [[tendency of the rate of profit to fall]]''. The [[capital accumulation|accumulation of capital]] involves a general tendency for the degree of [[capital intensity]], i.e., the "[[organic composition of capital]]" of production to rise. All else constant, this leads to a fall in the [[rate of profit]], which leads to a slow-down of capitalism and perhaps a crisis. | * ''The [[tendency of the rate of profit to fall]]''. The [[capital accumulation|accumulation of capital]] involves a general tendency for the degree of [[capital intensity]], i.e., the "[[organic composition of capital]]" of production to rise. All else constant, this leads to a fall in the [[rate of profit]], which leads to a slow-down of capitalism and perhaps a crisis. | ||
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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. | |||
==See also== | ==See also== | ||
