Law of Accumulation and Breakdown of the Capitalist System: Being Also a Theory of Crises by Grossmann Henryk

Author:Grossmann, Henryk [Grossmann, Henryk]
Language: eng
Format: epub
Publisher: Pluto Press
Published: 1992-03-19T16:00:00+00:00

This is how Kautsky distorted and vulgarised the Marxian theory of crisis. It is quite natural that Lederer then supposed that the labour theory of value is quite incapable of tackling dynamic phenomena and that apart from Luxemburg’s theory ‘the whole question of booms and slumps can only be viewed as one of disproportionality.’ (1925, p. 359)

Lederer argues that:

Within the labour theory of value crises are explained either in terms of the contradiction between increases in productivity and the lagging capacity of the market, or from a wrong distribution of means of production in the individual spheres. But if these are really the causes of crisis there is no reason why an understanding of these causes should not eliminate crises altogether. Moreover, the periodic character of the crisis is not explained by these theories. (p. 360)

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