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It doesn't differ from overproduction. It IS overproduction. And as Marx writes in vol 3 of Capital, all overproduction is the overproduction of capital. The tendency of the rate of profit to fall is exactly the result of the overproduction of capital as capital. This is not an "effective demand" issue, or a consumption issue, but the ability of capitalism to sustain profitability in tandem with accumulation, with expanded reproduction. Much has been written about how Marx did not present, in a single exposition, a unified explanation of crisis and he did not; but he certainly did shine the light on the actual process that leads capitalism to crisis-- and that is overproduction. What the semiconductor fab analyst is bemoaning is in fact the very essence of capital accumulation-- its inherent tendency toward self-devaluation due to overproduction. ----- Original Message ----- From: "Louis Proyect" <l...@panix.com> > > But how does this differ from Rosa Luxemburg's overproduction? From time > to time I think that these different formulas are just different ways to > describe the elephant. > ________________________________________________ Send list submissions to: Marxism@lists.econ.utah.edu Set your options at: http://lists.econ.utah.edu/mailman/options/marxism/archive%40mail-archive.com
