Abstract

http://ssrn.com/abstract=2294134
 
 

References (29)



 


 



The Unmaking of Marx's Capital: Heinrich's Attempt to Eliminate Marx's Crisis Theory


Andrew Kliman


Economics, Pace University - Pleasantville

Alan Freeman


London Metropolitan University Business School

Nick Potts


Southampton Solent University

Alexey Gusev


National Research University Higher School of Economics

Brendan Cooney


Kapitalism101

July 22, 2013


Abstract:     
Michael Heinrich’s recent Monthly Review article claims that the law of the tendential fall in the rate of profit (LTFRP) was not proved by Marx and cannot be proved. Heinrich also argues that Marx had doubts about the law and that, for this and other other reasons, his theory of capitalist economic crisis was only provisional and more or less in continual flux.

This response shows that Heinrich’s elementary misunderstanding of the law –– his belief that it is meant to predict what must inevitably happen rather than to explain what does happen –– is the source of his charge that it is unproved. It then shows that a simple misreading of Marx’s text lies at the basis of Heinrich’s claim that the simplest version of the LTFRP, “the law as such,” is a failure. Marx’s argument that increases in the rate of surplus-value cannot “cancel” the fall in the rate of profit is then defended against Heinrich’s attempt to refute it. Finally, the paper presents evidence that Marx was indeed convinced that the LTFRP is correct and that he regarded the crisis theory of volume 3 of Capital as finished in a theoretical sense.

Number of Pages in PDF File: 20

working papers series


Download This Paper

Date posted: July 17, 2013 ; Last revised: July 20, 2013

Suggested Citation

Kliman, Andrew and Freeman, Alan and Potts, Nick and Gusev, Alexey and cooney, brendan, The Unmaking of Marx's Capital: Heinrich's Attempt to Eliminate Marx's Crisis Theory (July 22, 2013). Available at SSRN: http://ssrn.com/abstract=2294134 or http://dx.doi.org/10.2139/ssrn.2294134

Contact Information

Andrew Kliman (Contact Author)
Economics, Pace University - Pleasantville ( email )
861 Bedford Rd
Pleasantville, NY 10570
United States
HOME PAGE: http://akliman.squarespace.com
Alan Freeman
London Metropolitan University Business School ( email )
166-220 Holloway Road
London, N7 8DB
United Kingdom
Nick Potts
Southampton Solent University ( email )
East Park Terrace
Southampton, Hampshire SO14 0YN
United Kingdom
Alexey Gusev
National Research University Higher School of Economics ( email )
Myasnitskaya street, 20
Moscow, Moscow 119017
Russia
Brendan Cooney
Kapitalism101 ( email )
United States
HOME PAGE: http://kapitalism101.wordpress.com
Feedback to SSRN


Paper statistics
Abstract Views: 200
Downloads: 39
References:  29

© 2014 Social Science Electronic Publishing, Inc. All Rights Reserved.  FAQ   Terms of Use   Privacy Policy   Copyright   Contact Us
This page was processed by apollo5 in 0.282 seconds