Capitalism and the Marxian theory of crisis

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 4. Capitalism and the Marxian theory of crisis

In this session we show the historical inevitability of capitalist crisis. We show that capitalism is crisis-ridden by its very nature and we examine how capitalist accumulation directly leads to insufficient profitability and a crisis of over production. We examine how historically profitability has been restored and previous crises resolved in the past - fascism and war. This session will then focus on the current crisis of capitalism and show that only a Marxist understanding can offer any explanation to the global crisis. Comrades should also find the series of articles on globalisation important to understanding the background to the current crisis; here we argued, alone among the left in Britain that globalisation, far from being something new within capitalism was in fact a return to the unstable features which characterised capitalism prior to the First Imperialist War.

Reading

David Yaffe: The state and the capitalist crisis

David Yaffe: Marxian Theory of Crisis, Capital and the State

Supplementary reading

Inflation, the crisis and the post-war boom by Paul Bullock and David Yaffe Revolutionary Communist No. 3/4 (reprinted November 1979)

Value and price in Marx’s Capital by David Yaffe from Revolutionary Communist No 1 (Second Edition) May 1976

The poverty of 'Fantasy Island' by David Yaffe, from Fight Racism! Fight Imperialism! 199

The 1929 crash First published in FRFI No.125, June/July 1995