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Tag Archives: Marxist Theory of Crisis

Crisis Sublime


Two-day seminar in Helsinkiand Tampere:


Professor Alex Demirović, Berlin, and Professor Andrew Kliman, New York.


Wednesday 29.2.2012 at 4.15 pm. at the University of Tampere, Linna Building, Väinö Linna Hall, Kalevantie 5, Tampere

Origins of the Current Crises

Opening words: Antti Ronkainen


Thursday 1.3.2012 at 3.15 pm. at the House of Science and Letters, Lecture Hall 505, Kirkkokatu 6, Helsinki

Consequences and Political Alternatives

Opening words: Juha Koivisto

The seminar is organized by the Finnish Karl Marx Society, the Finnish Society for Marxist Social Science, the School of Social Sciences and Humanities and School of Communication, Media and Theatre, University of Tampere.


‘Human Herbs’ – a new remix and new video by Cold Hands & Quarter Moon:

‘Cheerful Sin’ – a song by Victor Rikowski:

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The Flow of Ideas:


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Andrew Kliman


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:

‘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.

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?



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‘I believe in the afterlife.

It starts tomorrow,

When I go to work’

Cold Hands & Quarter Moon, ‘Human Herbs’ at: (recording) and (live)


‘Maximum levels of boredom

Disguised as maximum fun’

Cold Hands & Quarter Moon, ‘Stagnant’ at: (recording) and (live, at the Belle View pub, Bangor, north Wales)  


‘Cheerful Sin’ – a new song by Victor Rikowski:


Posted here by Glenn Rikowski

The Flow of Ideas:


Online Publications at:

Glenn Rikowski on Facebook at:

A Crisis of Capital



Discussion Forum

Capitalism in Crisis: Causes, Consequences and Cure?


Speaker: Gerry Gold

Author of: A House of Cards: From fantasy finance to global crash


INCA (General Confederation of Labour), Italian Advice Centre, 124 Canonbury Road, London, N1 2UT

Nearest Station: Highbury and Islington


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World Crisis


The Richmond University Colloquium in Public & International Affairs (RUCIPA)
This year’s theme is on: “Understanding the Global Financial Crisis”
Friday, 25 March 2011, 17 Young Street, London W8 5EH (Underground: High Street Kensington)


10.30am Registration

11.00 Welcome Address by Professor Alex Seago, Richmond University

11.15 Professor Bülent Gökay, Keele University, “Global fault-lines three years after: An analysis of the 2008 global economic crisis” (Chair: Dr. Preslava Stoeva, RU)

11.45 – 12.15 Discussion

12.15 – 13.45 Lunch

13.45 Professor Engelbert Stockhammer, Kingston University, “Neo-liberalism, income distribution and the causes of the crisis” (Chair: Professor Wolfgang Deckers, RU)

14.30 Professor Costas Lapavitsas, SOAS, “World crisis, world money: the Euro-crisis and Marxist monetary theory” (Chair: Dr. Sabine Spangenberg, RU)

15.15 – 16.00 Discussion

16.00 – 16.15 Coffee/Tea

16.15 Professor Robert Wade, LSE, “The future of global financial governance” (Chair: Dr. Mike Keating, RU)

17.00 – 17.15 Discussion

17.15 – 18.15 Round Table Discussion with Lapavitsas, Wade, Stockhammer and Gökay chaired by Prof Stephen Haseler, London Metropolitan University and Global Policy Institute

Further info from:, Tel: 0207-3688437

Supported by and the Journal of Balkan and Near Eastern Studies (quarterly, Routledge)

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