> > Now would be a good time, I think, for Marxians to deepen and popularize
> > their critiques of Keynesianism.
> Agreed. Would that exercise not start, contrary to the impressive
> Patnaik article, by stressing long-term overaccumulation (not liquidy
> trap psychology) as the cause of crisis, and hence devalorisation of
> overaccumulated capital as the necessary precondition to a recovery? I
> don't know, just asking.
Patrick:
At the risk of stating the obvious, that exercise would begin with an explanation
of the need for a long-run analysis to comprehend how it was that the crisis
developed. It would also be an analysis not only of the financial sector, but of
the industrial sector and distribution. It should also try to contextualize the
crisis in term of the international capitalist economy rather than just one
economy in isolation. It would have to analyze the actual role of the state before
and during the crisis and what limitations there are on state policy. It would
analyze the impact of the crisis on different classes and communities and
what forms of resistance have emerged to the crisis and the limitations of
alternative strategies. It would explain what would be required for capital to
overcome the crisis on its own terms and what that means from a working class
perspective. It would also situate the emergence of Keynesianism historically
and compare that to what existed previously (laissez faire) and more recently
(e.g. supply-side theory). It would evaluate Keynesianism from both a class
perspective and in its own terms (e.g. are there any 'internal contraditions'
in Keynesian theory? ... are there any logical flaws and fallacies? et al). Those
are only some of the questions which would have to be addressed.
How would *you* start, Patrick?
In solidarity, Jerry
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Received on Tue Apr 21 18:22:46 2009
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