Crises Real and Artificial, and Why a New ‘New Deal’ is Not Feasible « A Critique of Crisis Theory. I had originally planned to answer questions by Mike on exchange rates, which were partially taken up in my critique of an article by Dean Baker.
While the factors that determine exchange rates are an important question in economics, especially for the theory of world trade, events over the last few weeks dictate that my reply to Mike’s questions be postponed. These events include the threatened default of the U.S. government on its debt payments, the decision of the Obama administration to accept a compromise that includes no tax increases for the rich, a wave of panic selling on Wall Street and other world stock exchanges, a new plunge of the dollar against gold, the downgrading of the U.S. debt from AAA to AA+ by Standard and Poor’s, and a rare split vote by the Federal Reserve’s Open Market Committee on what to do next concerning the Federal Reserve’s monetary policy. Debt default crisis a political and not a true financial crisis The U.S. The deal If the U.S. ‘The Failure of Capitalist Production’ by Andrew Kliman — Part 1 « A Critique of Crisis Theory.
First, I must say I liked this book.
I think it is a major contribution to the debate about the nature not only of the latest crisis but of cyclical capitalist crises in general. This book is a continuation of Kliman’s earlier book “Reclaiming Marx’s Capital” (Lexington Books, 2006), which deals with the so-called “neo-Ricardian” critique of Marx. But “The Failure of Capitalist Production” (Pluto Press, 2012) is more than that. In this book, Kliman deals with crisis theory, the main subject of this blog. He therefore casts a far wider net than he did in the earlier work. Though Kliman builds on his earlier book, the main target of his critique shifts from “neo-Ricardians” to the “underconsumptionist” school of crisis theory and its main contemporary representative, the Monthly Review school.
Two main schools of crisis theory That is, too high not only from the viewpoint of the workers but even from the standpoint of the interests of the capitalists themselves. Bertell Ollman Interview: Dialectics, Abstraction, Internal Relations « Kapitalism101. Bertell Ollman Interview: Dialectics, Abstraction, Internal Relations This is an hour-long interview with dialectical scholar and Marxist philosopher Bertell Ollman.
Ollman is a professor of politics at New York University and author of “Dance of the Dialectic: Steps in Marx’s Method” and “Alienation: Marx’s Conception of Man in Capitalist Society”. Both books are great reads (and available for free download at the above links), very accessible, and quite helpful in getting one’s head wrapped around the dialectical method. Fans of left trivia might also recognize Ollman as the creator of the board game “Class Struggle”. The topic of Abstraction (also the topic of my next video in the Law of Value series) is an easy one for Ollman to talk about as he has devoted a lot of his intellectual activity to an understanding of what it means to make abstractions.
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