From: Jerry Levy (Gerald_A_Levy@MSN.COM)
Date: Mon Oct 24 2005 - 09:26:59 EDT
> I still think that Marx's > theory of the falling rate of profit provides the basis for the theory of > crises in capitalism. But it is an abstract basis, and more factors need > to be considered at more concrete levels of abstraction in order to > analyze real capitalist crises. Hi Fred: Thank you for your reply. Recalling Makoto's criticism of the rising composition of capital theory, how would the incorporation of the subjects you mentioned (government intervention, productive and unproductive labor, credit, international economic relations including exchange rates) into a perspective on crisis based on the LTGRPD help to explain the _periodicity_ associated with the industrial _cycle_? Where does the demand for labour power and changes in the size of the IRA over the course of the cycle have a causal role in your perspective? Recalling Ernest Mandel's _Late Capitalism_, how is the subject of waves of investment in constant fixed capital related to the industrial cycle and in what manner are those _waves_ related to the LTGRPD? What relation is there of the LTGRPD to _long_ waves in addition to the shorter trade cycles? Recalling the work of Luxemburg, how does the international expansion of capital affect the _timing_ for capitalist crisis? Recalling the work of many, how does class struggle affect the timing of the cycles? In solidarity, Jerry
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