Marxist Crisis Theory and Credit Crisis

The dominant thought in the early 1990s was that capitalism's period of shocking crises was over. But capitalism is falling into another without exiting the vortex of one crisis. Those who try to understand what is happening inevitably turn to Marx and Marxism, the greatest critic and analyzer of capitalism. This collection offers a clear exposition of Marx's theory of crisis, as well as a Marxist analysis of the 2008 credit crisis.

In the first part of the selection from the special issue of the English-language journal Fifth International, Richard Brenner offers a clear summary of Marxist crisis theory. Marx's law of the tendency for profit rates to fall forms the basis of Marx's theory; Refuting the main objections to Marx's theory, he shows how it sheds light on today's economic developments and how Marx's famous law explains the operation of 7-10 year commercial-industrial cycles that result in severe crises of depreciation and stagnation.

In the second part, Michael Pröbsting focuses on Lenin's famous Theory of Imperialism and its relevance today. After examining what Lenin meant by imperialism, which he defined as capitalism that was both "moribund and decaying" and in a state of collapse, the article examines whether Lenin's theory still provides an accurate analysis of a world that has witnessed astonishingly high GDP growth rates in some countries in recent years. He asks if he will provide it.

In the third part, explanations about the 2008 crisis are given, while the last part focuses on E. Mandel's "long waves" theory.



Number of Pages: 224

Year of Printing: 2011


Language: Turkish
Publisher: Yordam Kitap

First Print Year: 2011

Language Turkish