It’s a long-term decline in the rate of profit – and I am not joking!


Michael Roberts Blog

I have been attending a two-day workshop on the current state of capitalism from a Marxist view point. This was organised by Alex Callinicos at King’s College, London University who managed to collect a number of Marxist scholars from the UK and Europe to come and present some papers to be followed by discussion and debate among participants.

The first day started with a discussion on whether Marx himself had a theory of crises under capitalism and, if so, what was it? Readers of my blog will know that this is a controversial issue and scholars like Michael Heinrich consider that Marx never really developed a clear theory of crises and also that Marx’s law of the tendency of the rate of profit to fall had nothing to do with crisis theory (see my posts, http://gesd.free.fr/mrhtprof.pdf
and
https://thenextrecession.wordpress.com/2015/05/19/the-two-michaels-heinrich-and-roberts-in-berlin-dogmatism-versus-doubt/).

Professor Michael Kratke kicked off this discussion with a paper entitled…

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