ANDREW KLIMAN PDF

This paper will show that the first three points are factually incorrect. The rate of profit never recovered. And the rate of accumulation fell because the rate of profit fell, not because portfolio investment increased at the expense of productive investment. Thus the fall in the rate of profit is a key indirect cause of the sluggish growth, debt buildup, and the crisis.

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This paper will show that the first three points are factually incorrect. The rate of profit never recovered. And the rate of accumulation fell because the rate of profit fell, not because portfolio investment increased at the expense of productive investment. Thus the fall in the rate of profit is a key indirect cause of the sluggish growth, debt buildup, and the crisis. The paper will also discuss the political implications of this controversy.

If the latest economic crisis is the result of neoliberalism and financialized capitalism, we can prevent the recurrence of such crises by returning to one or another form of statist capitalism. It is unnecessary to do away with the capitalist system of production.

Yet if the crisis is instead a systemic crisis resulting from the underlying tendency for the rate of profit to fall, a re-embrace of statist forms of capitalism will not solve the problem but, at best, only delay the next crisis. Click here for the full text of this paper PDF file. Many of his writings on the economic crisis are archived at akliman.

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Andrew Kliman

What is the point of this lie? The organisers of this debate do not believe in the capability of Taaffe and Walsh to prove that a fall in the rate of profit did not precipitate the current crisis. But we believe that their position, which is widely held in the bourgeois press, deserves to be represented in this debate. We recognise that this is not ideal. There are several thousand members of the CWI internationally. Many of them hold important elected positions in governments and trade unions. Surely, there is at least one member capable of defending the economic perspectives of his or her party, against the opinion of a well-known Marxist economist, in a democratic public forum.

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