crises of capitalism

crises of capitalism

(MARXISM) the periodic ECONOMIC CRISES which occur in capitalist economies in association with the TRADE CYCLE, which, according to some Marxists, tend to deepen as capitalism advances, although MARX himself did not take such a view consistently. A deepening of the crisis tendencies in capitalism is seen as associated with a contradiction between an increasing 'S ocialization’ of production (e.g. increased interdependency between different parts of the capitalist system) and the lack of any general mechanism for its coordination. One way in which cyclical crisis tendencies in capitalist societies have been controlled, especially in the course of the 20th century, is by government intervention in the economy. Sometimes it has been suggested that such interventions have been counterproductive (see KEYNESIAN ECONOMICS, FISCAL CRISIS IN THE CAPITALIST STATE). However, alternative policies introduced to ‘correct’ such intervention-related tendencies to crisis, in their own way also involve interventions. Thus no entirely convincing economic arguments have been adduced that tendencies to periodic crisis within capitalism, and any long-run tendencies to deepening crisis, cannot be smoothed or overcome by government, or increasingly by inter-state, intervention. Periodic crises are the way capitalism as an overall system adapts to new conditions, with periods of crisis being soon followed by periods of rapid growth. Whether the requirement of capitalism for ceaseless economic accumulation will ultimately be undermined by crisis tendencies which are ecological in source is a different matter. See also IMPERIALISM, DEPENDENCY THEORY.
References in periodicals archive ?
For more recent political economic analysis, data and evidence see, for example, David Harvey, The Enigma of Capital and the Crises of Capitalism (2010).
Thompson and the politics of 'one nation' Michael Kenny The New Left and Labour's economic strategy Mark Wickham Jones Lessons from the May Day Manifesto Michael Rustin Interview Crises of capitalism and social democracy John Bellamy Foster interviewed by Bill Blackwater Leveson uncut Leveson, politicians and the press: origins of the present crisis Helena See Leveson, press freedom, and the watchdogs Jacob Rowbottom Essays The political economy of the service transition Anne Wren Welsh Labour in power David S.
presents a critical introduction to the crises of capitalism.
It confirms Marx's insight that pseudo-democracy could never address the endemic underlying crises of capitalism effectively.
Early recognizes that the root problems facing workers and unions flow from the "multiplying crises of capitalism," and he cites case after case of labour radicals who, fearing rejection and persecution, buried themselves and their quest for a just social order in the mundane chores of running a union.
David Harvey, The Enigma of Capital and the Crises of Capitalism, Oxford University Press, Oxford and New York, 2010, vi-viii, 296 pp.
And there have certainly been political changes, as the long drawn-out downturn which brought the post-war "golden age" to an end - something different from, or at least more protracted than, the classic episodic crises of capitalism - has, among other things, for the time being eroded the labor movement.
They become victims of the recurring crises of capitalism, which to soem degree affect everyone.
But the crises of capitalism remain unresolved and, in some respects, deepen.