Systemic, Conjunctural or Policy Created?
New Directions in Modern Economics series
Edited by Turan Subasat
Chapter 4: Monocausality and crisis theory: a reply to David Harvey
This chapter aims to refute the arguments of David Harvey that Marx’s law of the tendency of the rate of profit to fall is not relevant to any Marxist theory of crises under capitalism. The chapter argues that, contrary to recent revisionist scholarship, Marx did not abandon his law of profitability or ignore it as a theory of crises in his later years. It attempts to defend the view that Marx’s law is logically consistent with his law of value; that the law is relevant to a coherent theory of crises; and, moreover, that the law provides the underlying explanation and ultimate cause of crises in the capitalist mode of production. The law provides a clear causality for crises that is backed up by a growing amount of empirical evidence compiled by many scholars. The nature of the law as a tendency along with counter-tendencies can explain the cyclical development of capitalist production better than any alternative theories of crises presented by Marxists in the past and David Harvey now.
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