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

From: Rakesh Bhandari (bhandari@BERKELEY.EDU)
Date: Thu Dec 23 2004 - 10:59:58 EST

I'll want to read this excerpt again. Meanwhile, a few quick points:

1. Recessions may not improve best practice as much as bring capital
into line with it. Webber and Rigby consider this type of technical

2. Even though a recession induced technological upgrading may
increase the OCC, the recession induced cheapening of constant and
variable capital may imply that the VCC (measured as c/v+s) does not
rise proportionately. A point made by Mattick Jr.

3. Whatever the effect on the VCC, the new investments undertaken in
a recession to ensure that costs fall faster than prices may require
an increase in minimum capital requirements and thus lead to the
concentration of capital. A point made long ago by Okishio.

Yours, Rakesh

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