Mainstream economists cannot explain the crises in capitalism because they do not have any objective basis for value.
With the neo-classicals embracing marginalist conceptions of value economics went up a dead end.
It was left for Marxists to continue the study of capitalism on an objective basis.
But even within Marxism crisis theory is not settled.
It seems many Marxists forget the objective end that capitalism faces due to its need to loot - as made clear by Rosa.
So could one way of explaining the current crisis be as follows:
1. Overproduction & the resulting fall in the rate of profit (the same kind of crisis that has always affected capitalism & can be overcome with a devaluation of capital)
2. Energy crisis (peakoil) - the demand for oil has reached the point where supply is stretched & prices increase which then impact productivity (this is why Keynesian borrowing from future generations won't work this time)
3. Supply-side constraints - this includes the energy crisis but extends to the supply of peasant labour & other raw materails (this is the loot that Luxemburg refers to; free inputs into the circuit of capital); this also extends to the ecological crisis
All this is not to say that capitalism's end is certain, rather the choice is Socialism or Barbarism.
With the neo-classicals embracing marginalist conceptions of value economics went up a dead end.
It was left for Marxists to continue the study of capitalism on an objective basis.
But even within Marxism crisis theory is not settled.
It seems many Marxists forget the objective end that capitalism faces due to its need to loot - as made clear by Rosa.
So could one way of explaining the current crisis be as follows:
1. Overproduction & the resulting fall in the rate of profit (the same kind of crisis that has always affected capitalism & can be overcome with a devaluation of capital)
2. Energy crisis (peakoil) - the demand for oil has reached the point where supply is stretched & prices increase which then impact productivity (this is why Keynesian borrowing from future generations won't work this time)
3. Supply-side constraints - this includes the energy crisis but extends to the supply of peasant labour & other raw materails (this is the loot that Luxemburg refers to; free inputs into the circuit of capital); this also extends to the ecological crisis
All this is not to say that capitalism's end is certain, rather the choice is Socialism or Barbarism.
Sun Jun 02, 2019 3:20 am by luxemburguista
» Frente Anticapitalista Verde: Manifiesto - Green Anti-Capitalist Front: Manifesto
Sat Jun 01, 2019 11:11 am by luxemburguista
» Las ideologías identitarias: La trampa de la diversidad
Wed May 29, 2019 11:44 am by luxemburguista
» 1 de Mayo: Viva la lucha de la clase obrera
Sun Apr 28, 2019 3:47 am by luxemburguista
» Campaña de la CGT contra la ley de mutuas
Sun Apr 28, 2019 3:40 am by luxemburguista
» Rosa Luxemburg: la llama ardiente de la revolución
Tue Mar 26, 2019 12:46 pm by luxemburguista
» Al fascismo no se le combate votando
Sat Mar 23, 2019 2:22 am by luxemburguista
» A Green New Deal vs. Revolutionary Ecosocialism
Sat Mar 09, 2019 4:33 am by luxemburguista
» La era del pánico climático está aquí
Sat Mar 02, 2019 5:44 am by luxemburguista