Capitalism and the Marxian theory of crisis

 4. Capitalism and the Marxian theory of crisis

In this session we show the historical inevitability of capitalist crisis. We show that capitalism is crisis-ridden by its very nature and we examine how capitalist accumulation directly leads to insufficient profitability and a crisis of over production. We examine how historically profitability has been restored and previous crises resolved in the past - fascism and war. This session will then focus on the current crisis of capitalism and show that only a Marxist understanding can offer any explanation to the global crisis. Comrades should also find the series of articles on globalisation important to understanding the background to the current crisis; here we argued, alone among the left in Britain that globalisation, far from being something new within capitalism was in fact a return to the unstable features which characterised capitalism prior to the First Imperialist War.


David Yaffe: The state and the capitalist crisis

David Yaffe: Marxian Theory of Crisis, Capital and the State

Supplementary reading

Inflation, the crisis and the post-war boom by Paul Bullock and David Yaffe Revolutionary Communist No. 3/4 (reprinted November 1979)

Value and price in Marx’s Capital by David Yaffe from Revolutionary Communist No 1 (Second Edition) May 1976

The poverty of 'Fantasy Island' by David Yaffe, from Fight Racism! Fight Imperialism! 199

The 1929 crash First published in FRFI No.125, June/July 1995