Re: [OPE-L] J Winternitz's "The Marxist Theory of Crisis" online

From: Rakesh Bhandari (bhandari@BERKELEY.EDU)
Date: Mon Dec 20 2004 - 20:53:57 EST

At 1:36 PM -0500 12/20/04, Gerald_A_Levy@MSN.COM wrote:
>  > Winternitz is arguing that in the boom demand may be strong enough
>>  both to effect continously technical change as embodied in
>>  accumulated capital goods and to keep running equipment that will
>>  become outdated in the recessionary phase.
>Why will the constant fixed capital become outdated in the
>recessionary phase but not the expansionary phase of the cycle?

It does, only less so. Bankruptcy, obsolescence are permanent
features. Capital is never in equilibrium.

>In other words, there doesn't have to be a global shortage of labor power
>for an international crisis to be triggered by the shortage of labor power
>in one or more major capitalist social formations.

I wasn't contesting the theory as a matter of logic; it does not seem
to me empirically robust at the present time.

>In solidarity, Jerry

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