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The Failure of Capitalist Production: Underlying Causes of the Great Recession
Andrew Kliman
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Description for The Failure of Capitalist Production: Underlying Causes of the Great Recession
Paperback. Distinctive and detailed account of the current economic crisis, identifying it as a crisis of capitalism caused by long-term falling profit rates. Num Pages: 256 pages, 59 graphs and 14 tables. BIC Classification: KCP; KCS; KCX. Category: (P) Professional & Vocational. Dimension: 137 x 215 x 15. Weight in Grams: 314.
The recent financial crisis and Great Recession have been analysed endlessly in the mainstream and academia, but this is the first book to conclude, on the basis of in-depth analyses of official US data, that Marx's crisis theory can explain these events.
Marx believed that the rate of profit has a tendency to fall, leading to economic crises and recessions. Many economists, Marxists among them, have dismissed this theory out of hand, but Andrew Kliman's careful data analysis shows that the rate of profit did indeed decline after the post-World War II boom and that free-market policies failed to reverse the decline. The fall in profitability led to sluggish investment and economic growth, mounting debt problems, desperate attempts of governments to fight these problems by piling up even more debt - and ultimately to the Great Recession.
Kliman's conclusion is simple but shocking: short of socialist transformation, the only way to escape the 'new normal' of a stagnant, crisis-prone economy is to restore profitability through full-scale destruction of existing wealth, something not seen since the Depression of the 1930s.
Marx believed that the rate of profit has a tendency to fall, leading to economic crises and recessions. Many economists, Marxists among them, have dismissed this theory out of hand, but Andrew Kliman's careful data analysis shows that the rate of profit did indeed decline after the post-World War II boom and that free-market policies failed to reverse the decline. The fall in profitability led to sluggish investment and economic growth, mounting debt problems, desperate attempts of governments to fight these problems by piling up even more debt - and ultimately to the Great Recession.
Kliman's conclusion is simple but shocking: short of socialist transformation, the only way to escape the 'new normal' of a stagnant, crisis-prone economy is to restore profitability through full-scale destruction of existing wealth, something not seen since the Depression of the 1930s.
Product Details
Publisher
Pluto Press United Kingdom
Number of pages
256
Format
Paperback
Publication date
2011
Condition
New
Weight
314g
Number of Pages
256
Place of Publication
London, United Kingdom
ISBN
9780745332390
SKU
V9780745332390
Shipping Time
Usually ships in 7 to 11 working days
Ref
99-50
About Andrew Kliman
Andrew Kliman is Professor of Economics at Pace University, New York. He is the author of Reclaiming Marx's 'Capital' (Lexington, 2006 ) and The Failure of Capitalist Production (Pluto, 2011).
Reviews for The Failure of Capitalist Production: Underlying Causes of the Great Recession
'Essential reading for all Marxists and lefts interested in what caused the Great Recession. It debunks the fads and fashionable arguments of neoliberalism, underconsumption and inequality with a battery of facts. It restores Marx's law of profitability to the centre of any explanation of capitalist crisis with compelling evidence and searching analysis. It must be read'
Michael Roberts 'One of the very best of the rapidly growing series of works seeking to explain our economic crisis. ... The scholarship is exemplary and the writing is crystal clear'
Professor Bertell Ollman, Department of Politics, NYU, author of Dance of the Dialectic 'Among the myriad publications on the present day crisis, this work stands out as something unusual. Kliman is an excellent theorist, and an equally excellent analyst of empirical data'
Paresh Chattopadhyay, Université du Québec à Montréal 'Clear, rigorous and combative. Kliman demonstrates that the current economic crisis is a consequence of the fundamental dynamic of capitalism, unlike the vast bulk of superficial contemporary commentary that passes for economic analysis'
Rick Kuhn, Deutscher Prize winner, Reader in Politics at the Australian National University and long-time activist.
Michael Roberts 'One of the very best of the rapidly growing series of works seeking to explain our economic crisis. ... The scholarship is exemplary and the writing is crystal clear'
Professor Bertell Ollman, Department of Politics, NYU, author of Dance of the Dialectic 'Among the myriad publications on the present day crisis, this work stands out as something unusual. Kliman is an excellent theorist, and an equally excellent analyst of empirical data'
Paresh Chattopadhyay, Université du Québec à Montréal 'Clear, rigorous and combative. Kliman demonstrates that the current economic crisis is a consequence of the fundamental dynamic of capitalism, unlike the vast bulk of superficial contemporary commentary that passes for economic analysis'
Rick Kuhn, Deutscher Prize winner, Reader in Politics at the Australian National University and long-time activist.