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Andrew Kliman

THE FAILURE OF CAPITALIST PRODUCTION: UNDERLYING CAUSES OF THE GREAT RECESSION

The Failure of Capitalist Production: Underlying Causes of the Great Recession
Andrew Kliman

Paperback | 9780745332390 | £17.99 / $29
Hardback | 9780745332406 | £60 / $95

For more information or to buy the book visit: http://www.plutobooks.com/display.asp?K=9780745332390

‘One of the very best of the rapidly growing series of works seeking to explain our economic crisis…The scholarship is exemplary and the writing is crystal clear. Highly recommended!’ – Professor Bertell Ollman, New York University, author of ‘Dance of the Dialectic’

‘Clear, rigorous and combative. Kliman demonstrates that the current economic crisis is a consequence of the fundamental dynamic of capitalism, unlike the vast bulk of superficial contemporary commentary that passes for economic analysis.’ – Rick Kuhn, Deutscher Prize winner, Reader in Politics at the Australian National University

‘Among the myriad publications on the present day crisis, this work stands out as something unusual. Kliman is an excellent theorist, and an equally excellent analyst of empirical data.’ – Paresh Chattopadhyay, Université du Québec à Montréal

The recent financial crisis and Great Recession have been analysed endlessly in the mainstream and academia, but this is one of the few books to conclude, on the basis of in-depth analyses of official US data, that Marx’s crisis theory can explain these events.

Marx believed that the rate of profit has a tendency to fall, leading to economic crises and recessions. Many economists, Marxists among them, have dismissed this theory out of hand, but Andrew Kliman’s careful data analysis shows that the rate of profit did indeed decline after the post-World War II boom and that free-market policies failed to reverse the decline. The fall in profitability led to sluggish investment and economic growth, mounting debt problems, desperate attempts of governments to fight these problems by piling up even more debt – and ultimately to the Great Recession.

Kliman’s conclusion is simple but shocking: short of socialist transformation, the only way to escape the ‘new normal’ of a stagnant, crisis-prone economy is to restore profitability through full-scale destruction of existing wealth, something not seen since the Depression of the 1930s.

ANDREW KLIMAN is Professor of Economics at Pace University, New York. He is the author of ‘Reclaiming Marx’s ‘Capital’: A Refutation of the Myth of Inconsistency’ and many writings on crisis theory, value theory and other topics.

Acknowledgements
List of Abbreviations
List of Tables
List of Figures

1. Introduction
2. Profitability, the Credit System, and the “Destruction of Capital”
3. Double, Double, Toil and Trouble: Dot-com boom and home-price bubble
4. The 1970s – Not the 1980s – as Turning Point
5. Falling Rates of Profit and Accumulation
6. The Current-cost “Rate of Profit”
7. Why the Rate of Profit Fell
8. The Underconsumptionist Alternative
9. What Is to Be Undone?

Bibliography
Index

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**END**

 

‘I believe in the afterlife.

It starts tomorrow,

When I go to work’

Cold Hands & Quarter Moon, ‘Human Herbs’ at: http://www.myspace.com/coldhandsmusic (recording) and http://www.youtube.com/watch?v=2h7tUq0HjIk (live)

 

‘Maximum levels of boredom

Disguised as maximum fun’

Cold Hands & Quarter Moon, ‘Stagnant’ at: http://www.myspace.com/coldhandsmusic (recording) and http://www.youtube.com/watch?v=GLjxeHvvhJQ (live, at the Belle View pub, Bangor, north Wales)  

 

‘Cheerful Sin’ – a new song by Victor Rikowski: http://www.youtube.com/watch?v=tIbX5aKUjO8

 

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David Harvey

THE ENIGMA OF CAPITAL: DAVID HARVEY

David Harvey speaks on: The Enigma of Capital

Department of Geography Public Lecture
Date: Monday 26 April 2010
Time: 6.30-8pm
Venue:  London School of Economics, Old Theatre, Old Building

Speaker: Professor David Harvey

http://www2.lse.ac.uk/publicEvents/events/2010/20100426t1830vOT.aspx
For three centuries the capitalist system has shaped western society and conditioned the lives of its people. Capitalism is cyclical – and increasingly bankrupt. Boom-and-bust is its model. Laying bare the follies of the international financial system, eminent academic David Harvey looks at the nature of capitalism and why it’s time to call a halt to its unbridled excesses.

Professor Harvey examines the vast flows of money that surge round the world in daily volumes well in excess of the sum of all its economies. He looks at the cycles of boom and bust in the world’s housing and stock markets and shows that periodic episodes of meltdown are not only inevitable in the capitalist system but essential to its survival.

The essence of capitalism is its amorality and lawlessness and to talk of a regulated, ethical capitalism is to make a fundamental error. The Enigma of Capital considers how crises of the current sort can best be contained within the constraints of capitalism, and makes the case for a social order that would allow us to live within a system that really could be responsible, just, and humane.

David Harvey is Distinguished Professor of Anthropology at the City University of New York Graduate School and former Professor of Geography at Johns Hopkins and Oxford Universities. The author of numerous books, he was awarded the Patron’s Medal of the Royal Geographical Society in 1995 and elected to the American Academy of Arts and Sciences in 2007. He is the world’s most cited academic geographer and his course on Marx’s Capital has been downloaded by well over 250,000 people since mid-2008: http://davidharvey.org/

This event celebrates Professor Harvey’s new book The Enigma of Capital.

This event is free and open to all with no ticket required. Entry is on a first come, first served basis. For more information, email events@lse.ac.uk or call 020 7955 6043.

Media queries: please contact the Press Office if you would like to reserve a press seat or have a media query about this event, email pressoffice@lse.ac.uk

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