Recovering Marx: Past and Present

Potts, Nick

doi:10.1080/03017600902989898

Cited by 3 publications

(2 citation statements)

References 0 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…Just as the TSSI defend Marx’s tendency for the rate of profit to fall from simultaneous revision today, early in the 20th century, Henryk Grossmann restated Marx’s argument to counter the reformists of his day (Potts, 2009b). Grossmann (1929, English translation 1992) linked Marx’s tendency for the profit rate to fall to Marx’s prediction that capitalism would eventually bring about its own negation (Marx, 1976: 929).…”

Section: Marx’s Tendency For the Rate Of Profit To Fall And The Phenomenon Of Surplus Capitalmentioning

confidence: 99%

See 1 more Smart Citation

Marx and the crisis

Potts

2011

Capital & Class

Self Cite

View full text Add to dashboard Cite

This paper argues that Marx’s economics leads us to a deeper understanding of our current crisis than do either mainstream, Keynesian or ‘mainstream Marxist’ economics. First, Marx explains how a tendency for the rate of profit to fall in boom manifests in the generation and speculative investment of ‘surplus’ capital in the financial system/fictitious capital, providing a tendential basis for, rather than an accidental account of, financial bubbles/crises. Secondly, Marx’s understanding that crisis is absolutely necessary to restore the profit rate, and so return the economy to boom, explains why developed countries’ governments’ attempts to postpone or limit crises since the 1970s have merely prevented a decisive enough crisis to restore the profit rate. Persistently low profitability has simply caused the world economy to stagnate, with persistently surplus capital taking many disruptive, adventurous paths. Finally, I consider how Marx’s identification of when lending is ‘lending’, and when it is simply ‘usury’, can help us understand how the nature of the financial system has changed over the last forty years.

show abstract

Section: Marx’s Tendency For the Rate Of Profit To Fall And The Phenomenon Of Surplus Capitalmentioning

confidence: 99%

“… 6. Potts (2009b) notes how we can easily adjust Grossmann’s (1929) sequential illustration of the falling rate of profit to disprove the Okishio theorem, 30 years before it was even stated! …”

mentioning

confidence: 99%

Marx and the crisis

Potts

2011

Capital & Class

Self Cite

View full text Add to dashboard Cite

show abstract

Marx’s Big Idea

Potts¹

2011

Corporate and Social Transformation of Money and Banking

View full text Add to dashboard Cite

An Unacceptable Misrepresentation: Dismissing Marx's Value Theory by Deliberately Distorting the Temporal Single System Interpretation of Marx

Potts¹

2014

World Review of Political Economy

View full text Add to dashboard Cite

This article shows that Sinha's (2009) review of Kliman's Reclaiming Marx's “Capital”: A Refutation of the Myth of Inconsistency (2007) constitutes an unscientific and unacceptable intervention whose purpose is to stifle, instead of furthering, a long-overdue discussion of the Temporal Single System Interpretation (TSSI) of Marx's theory of value. It is unscientific because its case rests on conscious and transparent misrepresentation; it is unacceptable because it seeks to delegitimize, i.e., rule out of discussion, the work that it purports to review. Sinha's piece is ostensibly a review of Kliman (2007) which sets out to prove that, if Marx is interpreted by employing the TSSI, all charges of inconsistency so far leveled against this theory turn out to be false. To contextualize the review, this article first explains this interpretation by means of a numerical example from Kliman (2007). Then, this article establishes the unscientific character of Sinha's criticisms. These are based first on a simple misrepresentation of the argument, and second, on the charge that Kliman does not follow Sinha's own simultaneist method. Disagreements in science are of course normal; what is completely unscientific is to discount a valid, coherent alternative theory on the grounds that the reviewer disagrees with it.

show abstract

Recovering Marx: Past and Present

Cited by 3 publications

References 0 publications

Marx and the crisis

Marx and the crisis

Marx’s Big Idea

An Unacceptable Misrepresentation: Dismissing Marx's Value Theory by Deliberately Distorting the Temporal Single System Interpretation of Marx

Contact Info

Product

Resources

About