Keywords
Overproduction
Underconsumption
Overaccumulation
How to Cite
Abstract
The objective of this paper is to present the evolution of Marx’s theory of crisis. It shows that the concept of overproduction as the ultimate cause of crisis undergoes substantial changes as Marx goes deeper and deeper into his critique of political economy. Initially crisis is explained as caused by the sluggish growth of consumer demand relative to production based on modern capitalist methods. After capital crisis is viewed as the result of excess demand for productive capital relative to its supply, an unbalance which causes prices to increase. As a result, the speculative phase – which according to Marx is a phase that always precedes crisis and is mistakenly viewed as its ultimate cause – can be integrated into the theory of crisis of overproduction as its immediate cause.
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Copyright (c) 2013 Francisco Paulo Cipolla