by Andrew Kliman, author of Reclaiming Marx’s “Capital”: A Refutation of the Myth of inconsistency
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(Outside North America: $11.60 shipping).
The reasons behind the global financial crisis and the Great Recession are the subject of much debate. This is the first book to conclude, on the basis of in-depth analyses of official U.S. 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. He shows that free-market policies have failed to reverse that decline. This 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 – ultimately ending in 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 the value of existing capital assets, something not seen since the Depression of the 1930s.
“One of the very best works seeking to explain our economic crisis. … The scholarship is exemplary and the writing is crystal clear. Highly recommended!
Professor Bertell Ollman, Department of Politics, NYU, and author of Dance of the Dialectic
“Clear, rigorous and combative. This book demonstrates that the current economic crisis is a consequence of the fundamental dynamic of capitalism.”
Rick Kuhn, winner of the Deutscher Prize, Reader in Politics, Australian National University
“Among the myriad publications on the crisis, this work stands out. Kliman cogently argues against the view that the crisis is ultimately rooted in financialization. He is an excellent theorist and analyst of empirical data.”
Paresh Chattopadhyay, Université du Québec à Montréal
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