In the first part of this double post, I dealt with whether Marx had a coherent theory of crises or not. I reckoned that Marx’s theory was based on his law of the tendency of the rate of profit to fall and that this law was realistic and coherent. I also argued that Marx did not dispense with this law in his later works that some have claimed and it remains the best and most compelling theory of regular and recurrent economic crises in capitalism. In this second part, I shall provide some empirical evidence from modern capitalist economies to support this view. This completes what is really just a short essay on Marxist economic crisis theory – as I see it – with much left out.
Does Marx’s law fit the facts?
Some Marxist critics of Marx’s law of profitability reckon that the law cannot be empirically proven…
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