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Marxian Perspective on the Global Crisis: “Povorot” or “Perelom”?

In: Critique of the New Consensus Macroeconomics and Implications for India

Author

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  • Dilip M. Nachane

    (Indira Gandhi Institute of Development Research)

Abstract

This chapter presents an overview of the Marxian perspective on the global crisis. Karl Marx had a full-fledged theory of the economic crises of capitalism. Authors like Mandel and Clarke have tried to adapt the orthodox Marxian theory to the characteristics of the kind of “mature” capitalism that prevails in the developed economies of the West currently. While most of the other theories of crises regard them as arising from market and/or regulatory failure, greed, speculation or some other aberrations, the Marxian theory regards crises as a dialectical process, arising from the contradictions between the means and methods of production and the social milieu within which this production takes place. Crucial to the Marxian theory of crises is the proposition that the rate of profit in a capitalist economy exhibits a tendency to fall, and it is in the efforts of capitalists to counteract this tendency that the roots of crises lie.

Suggested Citation

  • Dilip M. Nachane, 2018. "Marxian Perspective on the Global Crisis: “Povorot” or “Perelom”?," India Studies in Business and Economics, in: Critique of the New Consensus Macroeconomics and Implications for India, chapter 0, pages 221-231, Springer.
    • Handle: RePEc:spr:isbchp:978-81-322-3920-8_10
    DOI: 10.1007/978-81-322-3920-8_10
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