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The Falling Rate of Profit and the Great Recession of 2007-2009

A New Approach to Applying Marx’s Value Theory and Its Implications for Socialist Strategy

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Peter Jones

In The Falling Rate of Profit and the Great Recession of 2007-2009, Peter Jones develops a new non-equilibrium interpretation of the labour theory of value Karl Marx builds in Capital. Applying this to US national accounting data, Jones shows that when measured correctly the profit rate falls in the lead up to the Great Recession, and for the main reason Marx identifies: the rising organic composition of capital.
Jones also details a new theory of finance, which shows how cycles in the profit rate relate to stock market booms and slumps, and movements in the interest rate. He discusses the implications of the analysis and Marx and Engels’ work generally for a democratic socialist strategy.

Beyond Racism and Poverty

The Truck System on Louisiana Plantations and Dutch Peateries, 1865-1920

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Karin Lurvink

The truck system was a global phenomenon in the period 1865-1920, where workers were paid through the company store. In Beyond Racism and Poverty Karin Lurvink looks at how this system functioned on plantations in Louisiana in comparison with peateries in the Netherlands. In the United States, the system is often viewed as a 'second slavery' and strongly associated with racism. In the Netherlands, however, not racism but poverty has been seen as the main reason for its continued existence.

By using a variety of historical sources and by analyzing the perspectives of both employers and workers, Lurvink provides new insights into how the truck system worked and can be explained. She reveals how the system was not only coercive but had advantages for the workers as well, which should not be overlooked.