The theory of crisis has always played a central role within Marxism, and yet has been one of its weakest elements. Simon Clarke's important new book provides the first systematic account of Marx's own writings on crisis, examining the theory within the context of Marx's critique of political economy and of the dynamics of capitalism. The book concentrates on the scientific interpretation and evaluation of the theory of crisis, and will be of interest to mainstream economists, as well as to sociologists, political scientists and students of Marx and Marxism.
The book discusses the nature of Marxist theory of crisis and applies it to the global financial crisis which began in 2007. Is the contemporary crisis simply the usual periodic upturn and downturn or is there something more fundamental? Is there a structural crisis of capitalism, from which there is no immediate solution? Is capitalism managed and does it have a strategy? Is the financial crisis representative of a failure in capitalism itself to subject banks and other financial institutions to the overall economy? The book discusses Marx’s view on crises, as well as ideas on money and finance. It considers the different modern Marxist ideas on the causes of crises – falling rate of profit, disproportionality and underconsumption. It goes into detail as to the nature of the present crisis, its course and causes in a spirited and independent manner. Apart from the United States, it considers the situation in the two countries, in which protests erupted: Iran and Greece. They are taken as examples of the effect of the crisis on the country, the society and the economy as well as its politics. This book was originally published as a special issue of Critique.
Critical theorist Aronowitz (sociology, CUNY) contends that the centrality of cultural categories, as raised by the feminist, ecology, and racial freedom movements, among others, provides the crucial difference for the late industrial world, demanding a break from the dominant tendencies of Marxism to reduce causality to its economic features. Acidic paper. Paper edition (unseen), $14.95. Annotation copyrighted by Book News, Inc., Portland, OR
Most mainstream economists view capitalism’s periodic breakdowns as nothing more than temporary aberrations from an otherwise unbroken path toward prosperity. For Marxists, this fundamental flaw has long been acknowledged as a central feature of the free-market system. This groundbreaking volume brings together Marxist scholars from around the world to offer an empirically grounded defense of Marx’s law of profitability and its central role in explaining capitalist crises. “World in Crisis has a specific aim: to provide empirical validity to the hypothesis that the cause of recurring economic crises or slumps in output, investment, and employment in modern economies can be found in Marx’s law of the tendential fall in the rate of profit. Marx believed, and we agree, that this is ‘the most important law in political economy.’” —from the preface
Analyzes Japanese contributions to Marxist theory Marxist economic thought has had a long and distinguished history in Japan, dating back to the First World War. When interest in Marxist theory was virtually nonexistent in the United States, rival schools of thought in Japan emerged, and brilliant debates took place on Marx’s Capital and on capitalism as it was developing in Japan. Forty years ago, Makoto Itoh’s Value and Crisis began to chronicle these Japanese contributions to Marxist theory, discussing in particular views on Marx’s theories of value and crisis, and problems of Marx’s theory of market value. Now, in a second edition of his book, Itoh deepens his study Marx’s theories of value and crisis, as an essential reference point from which to analyze the multiple crises that have arisen during the past four decades of neoliberalism. One contribution of the original Value and Crisis was to bridge Japan and the world in the field of Marxian political economy. Itoh’s second edition demonstrates an even wider-ranging familiarity with major schools of Marxist thought, summarizing and assessing viewpoints of such theorists as Hilferding, Bauer, Kautsky, Bukharin, Luxemburg, Grossman, Sweezy, the Japanese Marxist Kozo Uno, together with the relevant parts of Capital and a section on the 1930’s Great Depression. Given today’s current emergencies of world capitalism and socialism, says Itoh, we need to work together to resolve new global problems, articulating new issues of Marx’s theories of value and crisis. The promise of Marx’s theories has not waned. If anything—given the failure of Soviet-style socialism and the catastrophe of neoliberalism—it grows daily.
Karl Marx wrote extensively on crisis but never presented a coherent theory of crisis. Samezo Kuruma, a Japanese Marxian economist, aimed to complete Marx’s unfinished theory. Starting from Marx’s observation that the crises of the world market are the 'real concentration and forcible adjustment of all the contradictions of the bourgeois economy', Kuruma seeks to grasp the inherent contradictions that drive forward and limit capitalism. His focus on the contradictory dynamics of capitalism sets him apart from Marxian thinkers who try to identify a single, primary cause of crisis. This volume brings together all of his writings related to crisis.
Will capitalism survive forever? Capitalism has always lived in and with crisis. Wars, revolutions, economic depression and repeated recessions, the threat of nuclear annihilation and ecological disaster have all failed to break the dominance of this economic and political system. Challenging the predominance of capitalism in a world fraught with inequalities, this book returns to classical Marxism to reaffirm its relevance. It explores the contradictions within capitalism as well as explains why Marxism has been unable to mount a sustained challenge to capitalism. In order to explore concrete alternatives in a period of increasing capitalist globalisation and crisis, it goes on to present perspectives by which theory and practice might be reunited to building independent political and organisational structures. A search for “something better”, this volume will be an engaging read for scholars and researchers of politics, especially political theory and political economy, economics, and sociology.
This book provides a critical overview of the entirety of Marcuse s work and discusses his enduring importance. Kellner had extensive interviews with Marcuse and provides hitherto unknown information about his road to Marxism, his relations with Heidegger and Existentialism, his involvement with the Frankfurt School, and his reasons for appropriating Freud in the 1950s. In addition Kellner provides a novel interpretation of the genesis and structure of Marcuse s theory of one-dimensional society, of the development of his political theory, and of the role of aesthetics in his critical theory."
The current resurgence of Marxism is based on new sources of inspiration and creativity from movements that seek democratic, egalitarian and ecological alternatives to capitalism. The Marxism of many of these movements is neither dogmatic nor prescriptive, but rather, open, searching, utopian. It revolves around four primary factors: the importance of democracy for an emancipatory project; the ecological limits of capitalism; the crisis of global capitalism; and the learning of lessons from the failures of Marxist-inspired experiments. Marxisms in the Twenty-First Century challenges vanguardist Marxism featured in South Africa and beyond. Featuring leading thinkers from the Left, the book offers provocative ideas on interpreting our current world and serves as an excellent introduction to new ways of thinking about Marxism to students and scholars in the field. Many anti-capitalist traditions and themes - including democracy, globalisation, feminism, critique and ecology inform and shape the contributions in this volume.
We've been told for years that the capitalist free market is a self-correcting perpetual growth machine in which sellers always find buyers, precluding any major crisis in the system. Then the credit crunch of August 2007 turned into the great crash of September–October 2008, leading one apologist for the system, Willem Buiter, to write of "the end of capitalism as we knew it." As the crisis unfolded, the world witnessed the way in which the runaway speculation of the "shadow" banking system wreaked havoc on world markets, leaving real human devastation in its wake. Faced with the financial crisis, some economic commentators began to talk of "zombie banks"–financial institutions that were in an "undead state" and incapable of fulfilling any positive function but a threat to everything else. What they do not realize is that twenty-first century capitalism as a whole is a zombie system, seemingly dead when it comes to achieving human goals.
