Thanks a million. So where does that leave the Monthly Review school and
their theories of permanent/irreversible/etc. crisis?
Doug
Doug Henwood [[EMAIL PROTECTED]]
Left Business Observer
212-874-4020 (voice)
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On Sat, 19 Feb 1994, Michael Lebowitz wrote:
> In Message Sat, 19 Feb 1994 12:11:08 -0500 (EST),
> Doug Henwood <[EMAIL PROTECTED]> writes:
>
> >Somewhere - I think it was the Grundrisse - Marx said there is no such
> >thing as permanent crisis. Now I can't locate the quote. Can anyone help
> >me out?
> >
>
> Doug,
> The following statement a` ears as a footnote in Theories of Surplus
> Value, Vol III, Ch. 17 (in the 1968 Moscow edition, p.497):
>
> "When Adam Smith explains the fall in the rate of profit from an
> over-abundance of capital, an accumulation of capital, he is speaking of
> a *permanent* effect and this is wrong. As against this, the transitory
> over-abundance of capital, over-production and crises are something
> different. Permanent crises do not exist."
>
> Marx's usage there is quite consistent with his comment in Capital III,
> Ch. 15 (Vintage,p.357) that "crises are never more than momentary,
> violent solutions for the existing contradictions, violent eruptions
> that re-establish the disturbed balance for the time being."
> cheers,
> mike
> Mike Lebowitz, Economics Dept.,Simon Fraser University
> Burnaby,B.C., Canada V5A 1S6
> Office: (604) 291-3508 or 291-4669
> Home: (604) 255-0382
> Lasqueti Island refuge: Lasqueti Island, B.C. Canada V0R 2J0
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