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Posts Tagged ‘Depressions’

Marxist Academic Error 101: “A term is undefined and has no properties”

March 29, 2012 1 comment

As part of my continuing occupation of the Marxist Academy, I have been looking at various Marxist theories of the crisis of neoliberalism. This is the final part of my critique of Andrew Kliman’s “Neoliberalism, Financialization, and the Underlying Crisis of Capitalist Production” (PDF).

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As can be seen in the chart above, most bourgeois economists look at fascist state economic data and conclude we are experiencing nothing like the sort of economic event that occurred in the Great Depression. The Great Depression was just that — a depression — while what we are experiencing is perhaps a more severe than normal recession generated in the aftermath of a financial crisis. For the bourgeois economist this description of the situation may or may not be entirely satisfactory.

For anyone attempting to understand the fascist state economic data using Marx’s theory of the capitalist mode of production it is less than worthless — it can turn Marx’s theory into a useless glob of shit that describes nothing — least of all what is occurring within the capitalist mode of production.

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Marxist Theories of the Current Crisis: Andrew Kliman and the curious case of the missing Capitalist Boom

March 27, 2012 3 comments

Next up in my survey of academic Marxist theories of the current crisis is Kliman’s “Neoliberalism, Financialization, and the Underlying Crisis of Capitalist Production” (PDF).

Kliman’s argument is by far the most interesting explanation for the present crisis I have read so far. Far from seeking to merely explain the present crash, Kliman is essentially asking another and for more provacative question:

“What the fuck happened to the capitalist boom period after the last crisis?”

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