Comments : 2 Comments »
Tags: marx, marxist humanist initiative, the commune
Categories : events, marxist humanist initiative
Our next public forum in London will be a meeting held jointly with Marxist-Humanist Initiative.
The meeting takes place from 7pm on Monday 5th July, at WEA, 96-100 Clifton St, London EC2 (five mins from Old St/Liverpool St tube stops). Read the rest of this entry »
Comments : 14 Comments »
Tags: capitalism, crisis, economics, profit
Categories : 2008 financial crisis, marx, marxist humanist initiative
by Andrew Kliman
I have just released a new study of the rates of profit of U.S. corporations, 1929-2007, with emphasis on the period since the early 1980s. It’s entitled “The Persistent Fall in Profitability Underlying the Current Crisis: New Temporalist Evidence.
You can obtain the text, and an accompanying spreadsheet file containing data and graphs, by clicking on the link. Read the rest of this entry »
Comments : 5 Comments »
Tags: credit mobilier, economic crisis, marxism, nationalisation, state capitalism
Categories : 2008 financial crisis, marx, marxist humanist initiative, state capitalism, usa
This talk given by Michael Egoavil at the Left Forum 2009 panel “Marx’s ‘Capital’ and the Economic Crisis” argues against the demand for state ownership of banks. Michael can be reached at email@example.com.
Today I’m going to be discussing Marx’s theory of fictitious capital and its relation to real capital accumulation. Along the way I’m going to focus on Marx’s seldom-read analysis of a French bank known as the Credit Mobilier, in which this theory played a fundamental role. I’ll conclude with some thoughts on how this relates to socialist politics today.
In the third volume of Capital, Marx discusses what he calls “fictitious capital” – what we know as “securities.” Essentially these are titles to streams of income, which are treated as commodities and bought and sold on financial markets. There are significant differences between types of securities. Some represent corporate debts, as with bonds, some represent consumer debts, as with mortgage backed securities, and others represent capital investments, as with shares of stock. But the common aspect of all these different securities is that they all give their owners a right to a stream of income, hopefully leaving them with more money than they started off with. The security owner therefore looks upon his security as capital. Read the rest of this entry »
Comments : 1 Comment »
Tags: andrew kliman, capitalist crisis, hobgoblin, marxist humanist initiative, recession, the commune
Categories : 2008 financial crisis, marx, marxist humanist initiative, state capitalism
Andrew Kliman, author of Reclaiming Marx’s Capital, spoke at our London forum on ‘Causes and Implications of the Economic Crisis’ on Wednesday 8th July. For those who missed Andrew’s excellent talk, this article explains some of his positions on the crisis.
Some prominent radical economists and non-economists have denied that Marx’s theory of the tendential fall in the rate of profit helps to explain the current economic crisis. I want to begin by explaining why they dismiss this theory, and then argue, to the contrary, that the current crisis does have a lot to do with the tendential fall in the rate of profit as analyzed by Marx.
In the 1970s, as an outgrowth of the New Left, and because of the global economic crisis of that decade, there was a renewal of scholarship that attempted to reclaim Marx’s value theory and theories grounded in his value theory, such as his theory of the tendential fall in the rate of profit and his theory of capitalist economic crisis. But these efforts met with a strong reaction, in the form of a resurgent myth that Marx’s value theory and law of the tendential fall in the rate of profit had been proved internally inconsistent. It needs to be stressed that the resurgence of this myth of inconsistency came from within the Left; almost all of the critics of Marx’s value theory in this period, and ever since, have been Marxist or Sraffian economists. Read the rest of this entry »