David, I presented the explanation of crises from a minimal labor theory
of value - minimal in that it uses only the simplest global magnitudes
needed to prove the inevitability of crises. This was in /From
Capitalism to Equality/ (2000). The discussion there also makes a strong
distinction between crises and the historical barrier to capitalist
accumulation, acknowledging that the latter is not captured in theory by
considerations on the long term rate of profit. The barrier is
described, but a concrete explanation appears in my latest book, /No
Rich, No Poor: Why a Failed Economy Must Give Way to a Program of Common
Prosperity/.
Charles Andrews
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Received on Thu Jan 27 16:19:25 2011
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