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Crisis, Marxism, and Economic Laws: A Response to Gary Mongiovi

In: Revitalizing Marxist Theory for Today's Capitalism

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  • Alan Freeman

Abstract

Gary Mongiovi accurately cites my thesis, presented inFreeman (2010a)(henceforth referred to asPositivist Marxismand abbreviated toPM), that “capitalism's inner laws express themselves in … different ways during booms and during crises” and that “When the business cycle is in an upswing … the tensions and contradictions that will eventually interrupt the process of capital accumulation are camouflaged by the commodity form, and so appear as natural laws of motion.” He also expresses general agreement with this thesis, but complains that the way I present it is “marred by a gratuitous methodological argument” which is “misleading and therefore stand[s] in the way of productive discussion.” The methodological argument in question is that no theory based on the method of static equilibrium can provide an explanation of endogenous capitalist crisis; this is the main issue I address in this response.PMapplies this argument in order to examine a theoretical current that dominates Western, academic, Marxism. This current interprets Marx's theory as a variant of general equilibrium. In this response I refer to it as simultaneist Marxism (SM).

Suggested Citation

  • Alan Freeman, 2011. "Crisis, Marxism, and Economic Laws: A Response to Gary Mongiovi," Research in Political Economy, in: Revitalizing Marxist Theory for Today's Capitalism, pages 285-296, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:rpeczz:s0161-7230(2011)0000027013
    DOI: 10.1108/S0161-7230(2011)0000027013
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    JEL classification:

    • B1 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925
    • B14 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Socialist; Marxist
    • B3 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals
    • B5 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches

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