Michael Roberts: World In Crisis
Event hosted by Dr Marina Prentoulis & Labour Representation Committee, University of East Anglia, Room 2.84 Arts building. Free admission. November 29th 18.30 - 21:00
World in Crisis has a specific aim: to provide empirical validity to the hypothesis that the cause of recurring and regular economic crises or slumps in output, investment, and employment in modern economies can be found in Marx’s law of the tendential fall in the rate of profit.
The book collates empirical work, mainly that of young Marxist scholars, from the Americas, Europe, and Asia, that supports the validity of Marx’s law of profitability as a theory of crises and, in particular, of the recent Great Recession.
This empirical analysis has political consequences. The law reveals that crises arise from the very essence of capitalism. Marx’s law implies the unpalatable truth that capitalist crises cannot be permanently ended without ending the capitalist mode of production itself.