[OPE] Constant Capital and the Crisis in Contemporary Capitalism

From: michael perelman <michael@ecst.csuchico.edu>
Date: Wed Mar 24 2010 - 21:47:01 EDT

Constant Capital and the Crisis in Contemporary Capitalism
Echoes from the Late Nineteenth Century

Introduction: Constant Capital and Crises

An understanding of constant capital is an overlooked, but necessary
component of crisis theory. This paper uses the experience of the 19th
century U.S. economy illustrate the relationship between constant
capital and economic crises. The rapid technological advances of the
time led to a lethal combination for capital. Investment in constant
capital suffered rapid devalorization, while growing productivity
saturated markets, creating what was then known as The Great Depression.
Constant Capital and Labor, Living and Dead

Read complete paper


Michael Perelman
Economics Department
California State University
Chico, CA
530 898 5321
fax 530 898 5901
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Received on Wed Mar 24 22:02:44 2010

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