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,

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

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