The Necessity of Value Theory: Brenner's Analysis of the ‘Long Downturn’ and Marx's Theory of Crisis

in Historical Materialism
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Abstract

The publication last year in New Left Review of Robert Brenner's book-length essay ‘Uneven Development and the Long Downturn: The Advanced Capitalist Economies from Boom to Stagnation, 1950-1998’ has already provoked more discussion and controversy on the socialist Left than any other political-economic analysis in recent memory. Predictably, it has also elicited a number of highly critical response from proponents of Marx's theories of labour value and economic crisis. Amongst other things, Brenner has been charged with a one-sided preoccupation with capital-to-capital (competitive) relations at the expense of the capital-wage labour (class struggle) relation, with misinterpreting and dismissing Marx's law of the falling tendency of the rate of profit, and with ignoring Marx’s value categories entirely.

The Necessity of Value Theory: Brenner's Analysis of the ‘Long Downturn’ and Marx's Theory of Crisis

in Historical Materialism

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