From: Paul Cockshott (wpc@DCS.GLA.AC.UK)
Date: Fri Dec 12 2003 - 07:11:28 EST
Only the falling rate and mass of profit theory makes sense of protracted crises in which there must be a general devaluation of capital, new political means have to be used to break labor (rather than merely contain wage increases so that there is no wage-price inflation) and the fraternity of capital breaks down into fraticidal competition. This is not to say that any crisis is permanent; it is only to say that protracted and deep crises are inevitable. To be sure, they can be deferred through the geo-temporal displacements that Harvey describes, but they can't *always* be solved even in theory by the simple redistribution of capital or government deficit financing. What do you make of Keynes advocate of low interest rates and the euthanasia of the rentier class in this context?
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