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World in Crisis: A Global Analysis of Marx's Law of Profitability
A Global Analysis of Marx's Law of Profitability

The most comprehensive empirically based defense of Marx’s law of profitability as the cause of Capitalist crises.

Most mainstream economists view capitalism’s periodic breakdowns as nothing more than temporary aberrations from an otherwise unbroken path toward prosperity. For Marxists, this fundamental flaw has long been acknowledged as a central feature of the free-market system. This groundbreaking volume brings together Marxist scholars from around the world to offer an empirically grounded defense of Marx’s law of profitability and its central role in explaining capitalist crises.

World in Crisis has a specific aim: to provide empirical validity to the hypothesis that the cause of recurring 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. Marx believed, and we agree, that this is ‘the most important law in political economy.’” —from the preface

Reviews
  • World in Crisis presents detailed evidence from across the world, and over the long historical span, to show that the tendency does really exist, and has a clear and ultimately dominant influence in determining the general state of economies, nationally and globally.” –Counterfire

Other books Edited by Guglielmo Carchedi and Michael Roberts

  • The Long Depression

    A significant new analysis of the current economic crisis by leading Marxist economist, Michael Roberts
  • Behind the Crisis

    Many academics have dismissed Marx's ideas because of his obscure method of inquiry.
    This book goes firmly against that current.

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  • A Reader's Guide to Marx's Capital

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  • Capitalism's Contradictions

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  • Finance Capital Today

    This book presents a rich new analysis of the specific features of contemporary capitalism, notably its global nature and financialization.
  • Theory as Critique

    Theory as Critique argues that the key to understanding Marx’s Capital lies in viewing it as a critique of economic theory.