Economía marxista para el Siglo XXI

Reply to Giussani

Michael Roberts Blog

Last April, G Carchedi and I published a paper in the World Review of Political Economy called The long roots of the present crisis.  We presented this paper in November at the Historical Materialism Conference (see my post,  The gist of our paper was that the ultimate cause of crises in capitalism is the lack of profitability. The Keynesian and Austerians (the supporters of “austerity” measures) deny this. So their solutions to crises do not work. Keynesian state-induced stimulus programs (redistributive, monetary, and fiscal) cannot overcome the underlying tendency for profitability to fall. The same holds for the policies of austerity, which are designed to reduce debt. These conclusions are particularly relevant for the weaker Eurozone economies in the midst of the euro crisis. In a case study of Argentina in the paper, we argued that it was not Keynesian-style competitive devaluation that restored growth after the…

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