Reblogged this on dainagregory.
I was wondering, after reading Jean Dupont’s article ‘Radicalising Economics’ which mentions about the schism within Marxism between the falling rate of profit school & the ‘underconsumption’ school, whether he & others are familiar with the work of Sam Williams?
Sam’s blog is https://critiqueofcrisistheory.wordpress.com/
It attempts to reconcile this schism by arguing that Marx’s famous law of the tendency of the rate of profit to fall, due to capital accumulation itself (economic growth), operates over the business cycle, & that the business cycle itself can be better explained by the role of credit money (debt), as well as there be other possibilities of the circuit of capital being disrupted.
Sam’s work, as well as other leading Marxists, is debated on the facebook group ‘Marxist Crisis Theory’.
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