The economic crisis: A Marxian interpretation

  • Resnick S
  • Wolff R
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Abstract

Like most capitalist crises, today's challenges economists, journalists, and politicians to explain and to overcome it. The post-1930s struggles between neoclassical and Keynesian economics are rejoined. We show that both proved inadequate to preventing crises and served rather to enable and justify (as ?solutions? for crises) what were merely oscillations between two forms of capitalism differentiated according to greater or lesser state economic interventions. Our Marxian economic analysis here proceeds differently. We demonstrate how concrete aspects of U.S. economic history (especially real wage, productivity, and personal indebtedness trends) culminated in this deep and enduring crisis. We offer both a class-based critique of and an alternative to neoclassical and Keynesian analyses, including an alternative solution to capitalist crises.

Author-supplied keywords

  • Capitalist Crisis
  • Exploitation
  • Keynesian Economics
  • Marxian Economics
  • Neoclassical Economics

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Authors

  • Stephen Resnick

  • Richard Wolff

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