Re: [OPE] Marxist theory of crisis

on 2008-11-16 08:01 Paula wrote:
> Do you think the present crisis is also fundamentally due to the
> long-run tendency of the rate of profit to fall?

I have not studied the current conjuncture in depth. In the Marxist
discourse there is a certain inflation in the word 'crisis' but clearly
if the proportion of capital in danger of bankruptcy rises significantly
it is appropriate to speak of a crisis of capital.

I would not say that the present crisis is fundamentally due to some
long-run depression of distribution of the profit rates. (Of course, one
can stretch 'fundamentally' here.) Rather I think it is due to the
dramatic rise of the unproductive financial sector and the rentier class
which has been appropriating an ever greater share of the surplus
product since the late-1970s. This in conjunction with the fundamental
imbalance of the world economy the past 10 years or so; some countries
running large trade surpluses and deficits building up debts, has turned
out to be an unsustainable configuration. These are more ultimate
factors than the proximate ones of Lehman Brothers et al.

But I'm quite sure you know this better than me when I recall your
article on imperialism.

//Dave Z
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Received on Sun Nov 16 17:08:31 2008