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Tag Archives: credit
Value, Crisis and Marx’s Order of Operations- final draft
An economic crisis manifests itself in many different forms simultaneously: stock market crashes, housing market crashes, over capacity, unemployment, etc. For every aspect of the crisis there is some theorist who mistakes this surface appearance for the inner mechanism of crisis. But a proper analysis of crisis needs to have some reason for selecting some phenomena as causes and others as effects. There must be a proper ordering of the relations between different economic factors in order for our analysis to avoid being arbitrary and piecemeal. Marx gives us a very clear, though complex, ordering of these relations. This paper will attempt to critique credit-centered and underconsumptionist theories of crisis from the perspective of Marx’s “order of operations”. It will close with some brief remarks about the Falling Rate of Profit. Continue reading
Posted in Econ 303- Crisis
Tagged credit, crisis, demand, exchange-value, falling rate of profit, finance, marx, money, prices, profit, stocks, underconsumption, use value, value
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Crisis, Value and Marx’s “Order of Operations”
Abstract:
An economic crisis manifests itself in many different forms simultaneously: stock market crashes, housing market crashes, over capacity, unemployment, etc. For every aspect of the crisis there is some theorist who mistakes this surface appearance for the inner mechanism of crisis. But a proper analysis of crisis needs to have some reason for selecting some phenomena as causes and others as effects. There must be a proper ordering of the relations between different economic factors in order for our analysis to avoid being arbitrary and piecemeal. Marx gives us a very clear, though complex, ordering of these relations. Interestingly enough the misunderstanding of Marx’s method, of the proper relation between different aspects of his value theory, is also one of the main reasons that many have dismissed the labor theory of value and Marx’s theory of crisis in the first place. This paper will seek to explain and defend Marx’s “order of operations” in hopes that this can shed valuable light onto what exactly differentiates Marx’s theory of capitalism from others. Continue reading
Interview with Andrew Kliman
Here is an interview with Andrew Kliman in which Kliman discusses the Marxist theory of capitalist crisis. Kliman is professor of economics at PACE university and author of the very important book Reclaiming Marx’s Capital. Kliman talks about some of … Continue reading
Posted in Uncategorized
Tagged andrew kliman, brenner, capitalism, credit, crisis, economics, Exploitation, falling rate of profit, labor theory of value, marx, moseley, Okishio, organic composition of capital, political economy, reclaiming Marx's capital, surplus value, transformation problem, underconsumption
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Consume!
This video on consumption and underconsumption theory is part of a larger, ongoing set of videos about the nature of economic crisis in a capitalist society. Continue reading
Posted in Econ 303- Crisis
Tagged automation, capitalism, commercials, credit, crisis, depression, Exploitation, falling rate of profit, labor, labor theory of value, marx, marxism, money, overaccumulation, prices of production, recession, transformation problem, underconsumption, value
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What is Credit?
What is credit? part one part two: Now, more than ever, there is an imperative need for people to understand the nature of credit in a capitalist society. In a time when we are seeing the high seas of finance … Continue reading
Posted in Econ 202- money credit capital
Tagged banks, bubble, capitalism, capitalist, circulation, credit, crisis, exchange, fictitious capital, hoarding, karl marx, measure value, money, productive, speculation, unproductive, usury, value
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Kapitalism101 