Using Marx's theory of the tendency of the rate of profit to fall, this article attempts to analyse the crisis in the economics of the US and other advanced capitalist countries in the 1990s. Distinguishing the unprofitability of capital at the root of the problem, it also investigates the policies of the government and their ineffectiveness in halting the deepening crisis.
Get full access to this article
View all access options for this article.
References
1.
Aglietta, Michel (1979) A theory of capitalist regulation: The U.S. experience. New Left Books, London.
2.
Bosworth, Barry (1982) ‘Capital formation and economic policy’ in Brookings Papers on Economic Activity.
3.
Braverman, Harry (1974) Labour and monopoly capital. Monthly Review Press, New York.
4.
Chan-Lee, James H. and Helen Sutch (1985) ‘Profits and rate of return’ in OECD Economic Studies.
5.
Gough, Ian (1972) ‘Marx's theory of productive and unproductive labour’ in New Left Review.
6.
Hill, T.P (1979) Profits and rates of return. Organisation for Economic Cooperation and Development, Paris.
7.
Leadbeater, David (1985) ‘The consistency of Marx's categories of productive labour and unproductive labour’ in History of Political Economy17, p.4.
8.
Lipietz, Alain (1986) ‘Behind the crisis: The exhaustion of a regime of accumulation’ in Review of Radical Political Economics18, pp.1–2.
9.
Lipietz, Alain (1988) ‘Accumulation, crises, and ways out’ in International Journal of Political Economy18, p.2.
10.
Marx, Karl (1977) Capital, Vol. 1. Random House. New York.
11.
Marx, Karl (1981) Capital, Vol. 2. Random House. New York.
12.
Marx, Karl (1982) Capital, Vol. 3. Random House. New York.
13.
Marx, Karl (1971) Theories of surplus-value, Vol. 3. Progress, Moscow.
14.
Mattick, Paul (1969) Marx and Keynes: The limits of the mixed economy. Porter Sargent, Boston.
15.
Moseley, Fred (1985) ‘The rate of surplus-value in the postwar U.S. economy: A critique of Weisskopf's estimates’ in Cambridge Journal of Economics9, p.1.
16.
Moseley, Fred (1987) ‘The profit share and the rate of surplus-value in the U.S. Economy, 1975–85’ in Cambridge Journal of Economics11, p.4.
17.
Moseley, Fred (1988) ‘The rate of surplus-value, the organic composition, and the general rate of profit in the U.S. economy, 1947–67: A critique and update of Wolff's estimates’ in American Economic Review78, p.1.
18.
Moseley, Fred (1991) The Falling Rate of Profit in the Postwar United States Economy. Macmillan Press. London.
19.
Rubin, I.I (1972) Essays on Marx's theory of value. Black and Red Press, Detroit.
