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A Marxian Model of the Breakdown of Capitalism

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  • Howard Petith

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    Abstract

    Abstract: This paper sets out a Marxian model that is based on the one by Stephen Marglin with one sector and continuous substitution. It is extended by adding technical progress and land as a factor of production. It is then shown that capital accumulation causes the preconditions for the breakdown of capitalism to emerge; that is, it causes the organic composition of capital to rise, the rate of profit to fall and the rate of exploitation to rise. A compressed history of the idea of the breakdown of capitalism is then set out and an explanation is given as to how the model relates to this and how it may serve as the basis for further research.

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    Bibliographic Info

    Paper provided by Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC) in its series UFAE and IAE Working Papers with number 484.01.

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    Length: 32
    Date of creation: 19 Apr 2001
    Date of revision:
    Handle: RePEc:aub:autbar:484.01

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    Keywords: Marx; rate of profit; rate of exploitation; composition of capital;

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