World in Crisis: A Global Analysis of Marx's Law of Profitability - Guglielmo Carchedi and Michael Roberts

World in Crisis: A Global Analysis of Marx's Law of Profitability - Guglielmo Carchedi and Michael Roberts

World in Crisis is a collection of recent papers by Marxist economists from around the globe. Its purpose is simple. It is to compile evidence from recent developments in economies internationally to support the view that Marx’s law of the tendency of the rate of profit to fall provides the best explanation of the cause of recurrent and regular crises (slumps) in global capitalism.


Part I. The US Economy

1. The Long Roots of the Present Crisis: Keynesians, Austerians, and Marx’s Law (Guglielmo Carchedi and Michael Roberts)

2. The Old Is Dying but the New Cannot Be Born: On the Exhaustion of Western Capitalism (Guglielmo Carchedi)

3. Investment, Profit and Crises: Theories and Evidence (José A. Tapia)

Part II. The International Dimension

4. The Tendency of the Rate of Profit to Fall since the Nineteenth Century and a World Rate of Profit (Esteban Ezequiel Maito)

5. Japan’s “Lost” Two Decades: A Marxist Analysis of Prolonged Capitalist Stagnation (Takuya Sato)

6. The UK Rate of Profit and British Economic History (Michael Roberts)

7. The Long Depression in the Spanish Economy: Bubble, Profits, and Debt (Juan Pablo Mateo)

8. Surplus Value, Profit, and Unproductive Labor in the Greek Economy, 1958–2013 (Thanasis Maniatis and Costas Passas)

9. The Profit Rate in Brazil, 1953–2008 (Adalmir Marquetti, Eduardo Maldonado Filho and Vladimir Lautert)

10. The Chinese Economic Crisis: A Marxist Approach (Mylène Gaulard)

Part III. Credit, Fictitious Capital and Crises

11. Debt Matters (Michael Roberts)

12. The Neoliberal Financialization of the US Economy (Sergio Cámara Izquierdo and Abelardo Mariña Flores)

13. The Roots of the Global Crisis: Marx’s Law of Falling Profitability and the US Economy, 1950–2013 (Murray E. G. Smith and Jonah Butovsky)

14. Derivatives and Capitalist Markets: The Speculative Heart of Capital (Tony Norfield)

15. High-Frequency Trading: The Unfolding History of Speculative Capital (Steve Nash)

Part IV. The Crisis and the Euro

16. From the Crisis in Surplus Value to the Crisis in the Euro (Guglielmo Carchedi)

17. The Euro Crisis Is a Crisis of Capitalism (Michael Roberts)

wic_carchedi_roberts.pdf7.58 MB

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Apr 12 2020 02:49


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Apr 14 2020 06:06

Only on the 2nd essay but this is some interesting research and definitely worth the read.