Since the early 19th century there have been between 40 and 60 depressions or recessions lasting between 6 and 8 years.
Capitalist economists deny there is any problem, calling them “business cycles”. Marxist economists know better. In this article Charlie Post identifies three competing Marxist theories of crisis. These are the tendency of the rate of profit to fall, profit squeeze theory and the underconsumption theory. These theories are compared according to three criteria. The first is theoretical consistency, the second is factual accuracy and the last is political implications.
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