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Collapse of Capitalism?

The Collapse of Capitalism

There is a notion widely held in certain circles that capitalism is in a state of collapse, or at least, that its collapse is imminent; and this is interpreted to mean that the existing system of society will reach a point at which the production and distribution of commodities will cease, and the whole of the mechanism of Society will fail any longer to operate. Those who propagate this conception naturally accept the view that the tactics of the working class organisation must be framed with this collapse always in mind.

Marx and the Sunday Times

Some readers of the George Schwartz column in the Sunday Times of September 15th will have been surprised to see a headline “But Marx didn’t say so” and still more surprised at the opening paragraph:

    “The process of enlightenment goes on apace, and at such a pace that one is apt to be bedazzled. I say this somewhat ruefully because an article in the current number of the Economica on “Marxian Value Reconsidered” almost persuades me to become a Marxian.”

Schwartz quoted extensively from the article in question to show, among other things, that Marx never believed capitalism would collapse through breakdown in a crisis; on the contrary, as Marx himself put it: “There are no permanent crises,” and that Marx did not accept a theory of general over-production.

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