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David Harvey: 'The financial crisis is an urban crisis' | Comment is free | guardian.co.uk

18/06/2012 19:37

the Observer/FestivalOfIdeas meeting he did in Bristol. Will get the chance to see him this summer though at the Marxism festival in London, to be fair to the SWP (never thought I'd say that...) they've pulled together a wicked line-up this year! Backtothestoneage 28 May 2012 3:33PM Response to princesschipchops, 28 May 2012 2:16PM Succinctly put. Ummmmm 28 May 2012 3:33PM Response to thebinmancometh, 28 May 2012 3:08PM Yeah, that's a good point, Vol III is a messy old beast, not helped by the fact that Marx died leaving no more than a pile of notes for it (pauses while everyone but the saddest of geeks flit to the next posting).

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But if that's the case, Marx's extensive elaboration of the profit rate (p = s/(v+c)) in Volume I are pretty pointless, along with all the stuff on the tendency for the rate of profit to fall in vols I & III. So, yes, he's inconsistent, but I'd say the underconsumptionist element of his argument is subordinate to that rooted in the dynamics of profit valorisation, which is the logic running through the three volumes. So (and I would say this) Sweezy is wrong. More's the point, if what's needed to pull capitalist production up by the boot straps is to increase consumption, why does capitalism fail to do this every time it appears to be necessary - '30s, '70s, this time round? It's sending Paul Krugman even greyer, the poor love. Apologies for the jargon dump to all and sundry, but at least it's shorter this way Latest 1 2 3 Next All Comments on this page are now closed.

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