Michael Roberts: World In Crisis
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 crisesor slumps in output, investment, and employment in modern economiescan 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’slaw of profitability as a theory of crises and, in particular, of the recentGreat 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 endedwithout ending the capitalist mode of production itself.