Re: [OPE-L] Capital in General

From: glevy@PRATT.EDU
Date: Wed Oct 19 2005 - 11:43:06 EDT

> I do not mean to minimize the importance of capitalism's tendency toward
> crises.  I have devoted a lot of years to Marx's crisis theory, especially
> the falling rate of profit as applied to the US economy.  However, I have
> come to realize that the three volumes of Capital are generally at a
> higher level of abstraction than crises.  "Crises and the world market"
> was the 6th book in Marx's original 6-book plan.  Capital was only the
> first book.  Capital provides the basis for a more concrete theory of
> crises, but such a theory is not presented in the three volumes.  Before
> concrete crises can be analyzed, the production and distribution of
> surplus-value must be explained.  These fundamental questions are
> explained in Capital on the basis of the assumption that capitalism is
> "functioning normally", i.e. that S = D and price = value or = price of
> production.


I agree with you on this point, but I wonder:  after you came to this
realization, how did that impact and/or modify your understanding of the
more concrete mechanics of crisis?  I'm genuinely curious about that.

In solidarity, Jerry

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